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S&P 500 Forecast for Tuesday, April 6, 2021

Updated: Aug 8, 2022

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92% (12 correct statements out of 13 statements.)

The overall theme and behavior of the S&P 500 is that of a pending matter coming to a favorable conclusion. A short lived peak (often a new high) has OR is formed by a move up through a support/resistance line followed by a move down through the same support/resistance line. In the premarket there is much confusion and paranoia which is exhibited by price fluctuation AND/OR a temporary decline. Around the open there are sideways fluctuations relatively balanced between bulls and bears. Moving out of the open and through roughly 10am the S&P exhibits more sideways motion crossing the same support/resistance three times as an important milestone is reached and confirmation of a "bullish trend" is achieved if only momentarily. However there appears to be a standstill in some kind of negotiations having to do with a female leader and from roughly 10am through 11am we see flat sideways behavior on low volume. From roughly 11am to 12pm we see a decline into a reversal off of support, a rally back to a reversal off of resistance, and then a decline back down to the support already visited. On a chart this looks like a backwards “S” on its side. The first trough forms somewhere in between 12pm and 1pm. Out of this trough there is a huge move higher off of support and through at least one resistance level. Expect the unexpected between roughly 1pm and 2pm. Between roughly 2pm and 3pm a second trough forms. Around the same time a male ruler highlights stability + government and the S&P exhibits a rational move higher. From between 3pm into the close the Street becomes disillusioned as investors disregard opportunities for growth in favor of safety and stability. In the last hour there is EITHER 1) a decline to support off of a notable crest/peak OR 2) a rally into a crest followed by a sharp move lower to a support line just around the close. Around the close problems from the past are revisited and around that time there is a failed retest of a resistance followed by rotation into conservative investments. Failed test of a resistance level(s) in the post market.