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S&P 500 Forecast for Monday, May 24, 2021

Updated: Aug 8, 2022

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81% (9 correct statements out of 11 statements.)

The following Eso-Meta data contained within this forecast is best utilized in tandem with a 1 day chart of 10-15 minute candlesticks.

The theme of the day involves unrest, protests, and demonstrations. The main highlight is the testing of an established support level. During the pre-market, the S&P 500 is range bound and heavy debt is a focus at this time. Right around the market open, a stall in negotiations is displayed by a temporary pause as the S&P 500 consolidates. From the open through roughly 11 AM EST, I am presented with a trade opportunity during a decline through multiple support levels. From around 10 AM EST through 11 AM EST an intentional shakeout transpires with a sharp move counter to the day’s true trend, falsely triggering an indicator. From roughly 11 AM EST through 12 PM EST, bad news having to do with unemployment and heavy debt causes a temporary decline. A trough forms between the hours of 12 PM EST and 1 PM EST when a sudden move higher transpires even in the face of overwhelming headwinds. This move higher after testing support transpires between the hours of 1 PM EST and 2 PM EST. A crest or peak forms at the completion of a cycle when a rally off of the prior support level becomes a steep decline within the hours of approximately 2 PM EST and 3 PM EST. Consolidation remains relatively neutral in the last hour of trading. Right around the market close, a leader provides an encouraging economic picture. Another peak or crest forms during a period of wild swings when a breakout through resistance reaches an additional resistance level, at which point it pulls back. Subscribe now.