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S&P 500 Forecast for Thursday, April 8, 2021

Updated: Aug 8, 2022

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

The S&P 500’s theme for the day is a confusion fueled panic. A turn for the worse and a strong decline takes place. The days high forms in the premarket. An opportunity for me to take profits is presented around the open. At the open there is excessive selling because of an inundation and indecision involving policy changes. As a result there is a breakdown through a support level after testing resistance twice. Next, the S&P bounces along the next support level before breaking down through multiple support levels. From the open through roughly 10am there is bearish rotation significantly increasing in volatility. From roughly 10am through 11am est. investors are paralyzed by unexpected news which is reflected in a panic driven decline breaking down through multiple support levels AND/OR triggering circuit breakers. Between roughly 11am through 12pm est. there is a pause in the decline and the S&P crosses the same support/resistance line three times while displaying a minor uptrend. Negotiations have been stalled and from this uptrend another sharp decline through multiple support levels takes place somewhere between 11:30am and 1:30pm est.. As a result of revisiting problems from the past, investors flight to safety is exhibited further decline and/or sideways rotation between roughly 12pm through 1pm est.. as resistance is tested. Between roughly 2pm and 3pm est. there is a sudden and notable move higher. The repayment of debt AND/OR environmental issues are highlighted in the last hour of trading as sideways bullish price swings are exhibited. In the post market there is a strong bullish move that commences in overbought territory and climbed to more appropriate level.