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S&P 500 Forecast for Monday, April 19, 2021

Updated: Aug 8, 2022

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95% (9.5 correct statements out of 10 statements.)

Unexpected failure is the S&P 500 theme for today. Overall behavior is mixed sideways decline. In the premarket, there is either a strong decline OR there is a rally out of a notable low and/or gap down. Right around the open an important milestone is reached when sideways movement that crosses support/resistance three times becomes confirmation of a bullish trend. From the open through roughly 11am est there is a strong rally in the face of seemingly overwhelming odds. This daring move higher is intended to cause impulsive decisions. Financial conditions are unstable yet greed wins over fear. Around 11am est a turn for the worse sends the S&P into a sharp decline from a high. Between roughly 12pm through 1pm est there is a decline into a reversal off of support, followed by a rally back to a reversal off resistance, and then a decline to meet support again. Between 1pm and 2pm est a sharp move counter to the true trend’s direction falsely triggers an indicator in an attempt to cause impulsivity. From roughly 2pm through 3pm est an old opportunity is revisited within a period of mixed sideways bullish behavior around the day’s high. In the last hour of trading a failed attempt to breakout through a resistance level is followed by a decline through a support level. A flat bullish rotation transitions into a bearish rotation while increasing in volatility as the trading session approaches the close. Failing to find support, post market fear and paranoia create notable price fluctuations AND/OR create a temporary yet notable decline.