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S&P 500 Forecast for Tuesday, April 20, 2021

Updated: Aug 8, 2022

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92% (11 correct statements out of 12 statements.)

Today’s theme is that of extreme confidence in the absence of reason. The main highlight of the S&P 500’s behavior for the day is that of a powerful move higher on huge volume. In the premarket there is a trap AND/OR there is an intentional shake out exhibited by a notable move counter to the days true trend direction. Right around the open there is a reversal and a strong rally higher. The rally continues until roughly 11:15am when it breaches one or two resistance levels before pulling back due to buyers remorse. A notable pivot point is formed between roughly 11am and 12pm. From this pivot point there is a sharp dip followed by notable price swings through roughly 2pm. ***1111*** The first high for the day forms within these midday price swings right around 1:45-2pm. From the days first high unexpected failure causes confusion fueled panic on the Street and the S&P 500 plummets from this high. This decline eventually meets an already established support level roughly between 2pm and 3pm. This support holds through the hour. Around 2:37pm a sudden change/new situation causes the S&P to rebound in a powerful breakout rally. This rally climbs to the day’s second high which forms when the rally transitions into volatile sideways movement reflecting a rotation into defensive positions. Right around the close there is another extremely powerful bullish move.