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S&P 500 Forecast for Monday, November 8, 2021

Updated: Oct 3, 2022

Theme:

There is a significant move higher and an equally significant move back down, maybe even more significant.

Around the Highs and Lows:

Around the high we will have an opportunity at a low in close proximity. This opportunity looks to be right at the end of the day, which is tricky because of the Prudence card. I am probably going to steer clear of this day. Around the lows we will have a sharp dip in a period of volatility.

Daily Overview:

We revisit a high and have an opportunity. We move upwards along a diagonal trend line to break through horizontal resistance. We meet another resistance, and then we pull back to the first. That will take place roughly right around the open. There will be a sharp decline and/or price swings between the open and 10:45pm. Within these swings there is a sharp drop, and there could be two, coming from a crest. We have the end of a trend, which is the decline there, somewhere between 11:00am and noon. There is a move to a resistance level and there are multiple failed attempts to break through that resistance level.

There is a lot going on at the end of the day between 1:00pm and 3:00pm. There is a day’s high here, but there is also a sharp decline just before that high. There is also a day’s low in the last hour. There will be a sharp move to the upside within a period of volatility within this hour, and we will see an upside-down U shape due to the Ace of Wands. A pretty big move higher followed by the same, or bigger, move back down. We have the Prudence card there, so there will be a selling from a peak or high in an overbought territory around the close. There is a high correlator in the close as well, and there will be some bearish activity and bouncing around support.

Looking to Tomorrow:

We will be highlighting a notable support level. Establishing, reestablishing, or attempting to establish support.