2 min read

S&P 500 Forecast for Tuesday, November 16, 2021

Updated: Oct 3, 2022

Theme:

Worry. The Worry card is still bullish, it has to do with support. There will probably be a lot of movement around the support level. The overview on the one-month is a big move to the upside, connected with the Ace of Cups. There is also a month’s trade correlation to this day.

Behavior Around the Highs:

A sharp drop.

Behavior Around the Lows:

A breakdown through a diagonal trend line.

Overview:

We have multiple failed attempts to break key resistance in the pre-market. There is a sideways S motion between a resistance and support level that forms between the pre-market and 10:00am. It will likely be right around the open. We have back and forth movement with some possible bullish trajectory from 9:30am to 10:00am. Then we have a sharp drop to a day’s low in the following hour, and then we move back up. We drop again to a trough, but not as deep, at around 11:45am. There is a day’s high midday, but also lows really close to those.

Around midday, there is a move higher, and then another drop. It looks like a good time to purchase protection on long investments or buy puts around 2:15pm. When we get to this time, whatever is going on will be very significant. There is still lots of back-and-forth movement. There is also a trade opportunity at the end of the day, with a low correlator here. There is a sudden, fast move to the upside from the Ace of Disks. This big move will be in a period of volatility, and right around the close we move up to a distant resistance level. There is also upward movement in the post-market.

Looking to Tomorrow:

The Preview card is a high correlator for this day. We likely open higher.