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S&P 500 Forecast for Friday, May 7, 2021

Updated: Aug 8, 2022

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92% (11 correct statements out of 12 statements.)

The overall behavior of the S&P 500 throughout the day is that of bullish price swings. In the pre market a great motivation causes a powerful move higher on huge volume. Right around the open there are multiple attempts to break out through key resistance. From between the open and 10:00 AM an important milestone is reached when the S&P crosses the same support resistance line 3 times taking a temporary pause in an upward trend. That pause transitions into bearish rotation with significant price swings between the hours of roughly 10:00 AM and 11:00 AM. The day’s first low forms within the same hour. Expect the unexpected between the hours of 11:00 AM and 12:00 PM as the improbable happens. Between the hours of 12:00 PM through 1:00 PM there is a breaking through of the resistance level to form a peak before falling back below the same support level. Around this time I am presented with an opportunity to open bearish positions. Mergers and [acquisitions] AND/OR [an economic partnership] is highlighted within this hour as well. From the high there is a mixed sideways decline due to unexpected [failure] AND/OR [disappointment]. In the last 2 hours of trading there is a very noticeable decline from a [high] AND/OR [crest]. There is a breakdown through at least one support level in the last hour of trading. Right around the close there is a temporary pause exhibited with flat behavior and low volume. The post market exhibits volatility and also offers me the opportunity to open balanced positions.