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S&P 500 Forecast for Tuesday, October 12, 2021

Updated: Oct 3, 2022

Behavior Around the Highs and Lows:

The Princess of Wands is in the high position and the Ace of Wands is in the low position. Both of these are great trade opportunities. It looks to me like there is going to be a big push off of the lows, and then they will come back down to meet the lows. Then the highs are going to be opportunities to open some short positions. The highs and the lows also come within close proximity to each other. The highs are notable pivot points and then there are definite moves to the upside off of lows to reach the highs.

Overview:

We have a push to the upside from a low in the pre-market. This will be the first day’s high. It looks to me like that is from a gap down, however, that is a little blurry. There’s a move higher from a low. Right around the open we have a breakdown and a sideways decline. From 9:30am-10:00am we have a push to the upside. Negative news should come out at roughly 10:00am, or a bit before. In that move higher we will have an opportunity to cash in on some long positions. I also have an opportunity right around the open for opening long positions.

The Devil card is here in the theme. There are most likely intentional fake outs, and these will be very significant. We are going to have three pokes through a resistance level, followed by a sharp decline. We have that push high even with the bad news right around 10:00am. Around 11:00am there is that opportunity for me to take some profits. There is a drop right around 11:00am from a high that we won’t see again within this day. Between noon and 1:00pm we do move to bump up and poke against that resistance level, this may not be the same resistance. Regardless, we bump up against the resistance level and that is pushing up from a low to reach another day’s high.

We try or need to establish support between 1:00pm and 2:00pm. Then around 2:00pm there is a reversal and sharp drop through a notable support level. Between 3:00pm and the close there are three pokes through a resistance level, which are three failed attempts to break resistance. There is a sharp drop right into the close. There is another high and low in the post-market, there is a sideways-S maneuver going on in the post-market.