S&P 500 Forecast for Monday, April 12, 2021

2 min read

Updated: Aug 8, 2022

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92% (12 correct statements out of 13 statements.)

The S&P 500’s theme for today is an older woman proves helpful or she interferes resulting in intense buying followed by some Buyer's Remorse. Overall behavior is bullish for the day. This is exhibited by breaking out through resistance and reaching an additional resistance level at which point there is a pullback. In the premarket there is a decline to the first low of the day, a reversal off of support, rallying back to a reversal off resistance, and then another decline to meet support again. This female figure is highlighted in the premarket and around the open. At the open I may decide to take advantage of the opportunity for me to cash in or take a credit dependent on circumstances. From the open through roughly 11am est a sudden, fast, big move higher transitions into volatile sideways movement as investors embrace headwinds. Within that volatile sideways movement, another opportunity for me to buy into a dip is presented while the street is fearful. Between roughly 11am and 12pm est. a strong rally higher expresses a carefree attitude on the street. The rally leads to a resistance level between 12pm and 1pm est. This resistance level is crossed three times. The day’s second high forms mid-day as a temporary pause in the rally takes hold. From the days high, a second low for the day is formed within the same hour, roughly 12pm -1pm est.. At least one false bottom AND/OR top between approximately 1pm and 2pm est. while the S&P exhibits the type of market behavior that causes impulsive and hasty decisions. I am advised to be caution at this time. From around 2pm to 3pm est another strong move higher takes place. In the last hour of trading, investors priorities shift from risk-on into protecting gains causing a notable decline from a failed retest of resistance at a recent crest/high. At the close there is a sharp dip AND/OR a notable price swing. In the post market the S&P touches/pierces the same resistance line up to three times before declining.

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