S&P 500 Forecast for Thursday, April 29, 2021

2 min read

Updated: Aug 8, 2022

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100% (12 correct statements out of 12 statements.)

The theme for today's highlight is a leader in business or a male celebrity who provides inspiration and motivation. In the pre market there are sideways fluctuations. Money is taking longer than expected to arrive. Right around the open there is a failed attempt [to break through a resistance line] AND/OR [a breakdown through support level]. Investors are extremely nervous. Between the open and roughly 10:00 AM an opportunity to take a balanced strategy through opening and closing positions is presented to me. Between roughly 10:00 AM and 11:00 AM there is a turning point as [a situation improves] AND/OR [help comes from unexpected sources]. Technicals fill expectations of classical technical analysis at an intersection of trendlines. Congress is highlighted between roughly 10:00 AM and 12:00 PM highlighting government aid, assistance, rules and regulations. The S&P 500 at this time exhibits a holding pattern until The Senate comes to a decision or significant change involving economics. At which time a sideways bullish rotation transitions into a bearish rotation with increasing volatility. A major [crest] AND/OR [high] for the day forms between 12:00 PM and roughly 3:00 PM. Between roughly 1:00 PM and 2:00 PM a strong rally is exhibited moving the S&P higher fueled by economic data that suggests continued progression and growth. Bullish rotation around the day's high are exhibited. Between roughly 2:00 PM and 3:00 PM at which time I am also presented with another opportunity this time to take profits on the long side of the balanced position that I created early in this morning. Around the high there is a revisiting of problems from the past and investors flee to safety. This revisiting of problems from the past is also highlighted at the day's high. Which forms when a bullish rotation transitions into a decline after a failed retest of a [recent peak] AND/OR [crest]. In the last hour of trading bad news from afar relating to a long standing problematic relationship arrives and after 3 failed attempts to break out through resistance the S&P 500 declines into the close. I will use the first 2 bumps along resistance in the last 2 hours of trading as a marketer for when I should take profits off my long positions creating a day trade. In the post market the S&P [continues declining] AND/OR [makes a quick move higher through a resistance line shortly followed by a decline back down through the aforementioned support resistance line].