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S&P 500 Forecast for Friday, April 16, 2021

Updated: Aug 8, 2022

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89% (8 correct statements out of 9 statements.)

Today investors are nervous. An opportunity for me to take a balanced position presents itself today. The S&P 500 is rangebound in the premarket. From around the open through roughly 10:35am a male ruler of nations provides motivation and causes a powerful move higher on strong volume. This rally bounces along an ascending trend line to eventually breach a distant resistance level at which point a day’s high forms. Between roughly 10:30am and 1pm est an unfavorable decision/change is highlighted around the day’s high which causes the S&P to exhibit flat bullish rotation transitioning into bearish rotation with increasing volatility. The day’s first low forms within this midday period of rotation as investors fail to find support. This critical choice between two leaders keeps the S&P in a holding pattern until a definitive path is chosen. A decline to the day’s second low presents itself to me between roughly 1pm and 2pm est. From roughly 2pm through 3pm sideways fluctuations with above average volume are exhibited as a temporary equilibrium between bears and bulls takes place. In the last hour of trading the S&P pierces through a resistance level followed by a decline back down through the same support/resistance level. Right around the close there is a sharp dip AND/OR extreme price swing(s) within a period of volatility. The improbably happens in the post market.