S&P 500 Forecast for Friday, September 3, 2021

2 min read

Updated: Oct 3, 2022

Theme and Overall Behavior:

Bullish rotation.

Pre-market to Noon:

In the pre-market, we have an opportunity to open positions in both directions. At the open, there is a period of decline marked by a big move higher. Around 9:30am-10:00am we have this big move higher along a diagonal support level. It eventually breaks down through that level in sideways sharp decline.

The move higher will continue until roughly 10:50am. Around 11:00am, give or take 10 minutes, there will be a few failed attempts to break resistance. We have the Indolence card, so there is a high that is reached which will not be revisited within this day. I would say that the resistance level fails, and we break down through multiple support levels. At midday, we will test resistance with three pokes, followed by a strong decline.

Noon to Post-market:

There is resistance and support that are tested between 12:00pm and 2:30pm. From roughly 1:00pm-2:00pm, we have some range-bound behavior. There is oppression here. We have a breakout through two levels to the upside range. This looks to me as if we are coming off a low. We have a low around 2:00pm-3:00pm, which is either a significant low or the low for the day. Out of that, we have an indication and crossing of a support resistance level, back and forth three times, followed by some sort of confirmation of a breakout. This turns into a rally, moving toward the end of the day. Right at the end of the close, we have a sharp reversal, sharp decline, or price swing.

Overview:

We have a crest at roughly 10:45am. We may have another crest, a bit higher, between 12:00pm and 1:00pm. A piece of news comes out, giving us an opportunity to close long positions. This news is regarding a male leader, possibly the President, and it is highlighted around this time. Between the hours of 2:00pm and 3:00pm, there is an opportunity to open protection. We also have a low followed by a high, or crest, within that hour. There is further movement into the close, where we have the high for the day and at least one big price swing. In the post-market, there is a decline off a high.

The Senate is going to be highlighted around the high. The trade opportunities are around support. It looks as if there is one in the pre-market and another around, or directly after, the close. For correlations, there is the Princess of Swords in the pre-market.

Looking Ahead:

On Monday, September 6th, we should have a lower low than that of today. The Preview card is that of defeat. Defeat indicates a failed attempt to breach resistance.