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S&P 500 Forecast for Friday, November 12, 2021

Updated: Oct 3, 2022

Theme:

Sudden, fast move to the upside, but also nullified. There is an attempt to establish support.

Around the Highs and Lows:

We have a local high and a local low here on a one-month chart.

Daily Overview:

There is a high correlator in the pre-market, and a trade opportunity to cash in right around the open. Around the open there is an intentional fake out and a possible shake out, maybe some sort of falsely triggered indicator. It will cause people to make impulsive decisions. There is back and forth movement in the first half hour. Between 10:00pm and 11:00pm there is a sharp decline to a day’s low. In the next hour there is either a failed attempt to break through resistance or a sharp decline through support, or both. There will be another trough or crest, and then we go way down to a main low for the day.

We have the Prince of Wands midday, and the Sun card, which is bullish. We have a decline, a testing of a resistance level, and we fail to break it and drop. This low around midday is an opportunity to buy because we are going to have a move to the upside off of that low. There is another trade opportunity at a main low or trough around 2:10pm. There is a low correlator there and a breakdown through support after reaching a high. There is a bit of a crisscross back and forth through a price level to confirm a bullish trend, and this is cut short by the top of the range. We have a sharp decline right around the close.