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S&P 500 Forecast for Wednesday, October 20, 2021

Updated: Oct 3, 2022

Theme:

We have the Death card and the Ace of Wands. The Death card is basically a breakdown to a notable low, and the Ace of Wands is a reverse U-shape.

Overview:

For the first three days of this week, the Queen of Wands shows up. It could be an actual price level. Since this reading is done days in advance, once Tuesday the 19th transpires, I will be able to see if it is the same level in the same period of time as the prior day. If it is, I know that it is the same price level. The Peace card and the Science card are appearing again this week as well, so there are a few cards in here that may be price levels.

We have a U-shape, to a dip, followed by a rebound in the pre-market, and Strife at the open. There is likely a breakthrough of a resistance level and we just bounce along it. We have Valour in the first half hour, which indicates bouncing along a resistance level again. That combined with the Science card makes me think that resistance level is significant. It looks like we have a dip, to a low, followed by a push to the upside to break through at least one resistance level to reach the day’s high. We have a turnaround at that high where we drop sharply, there is a flight to safety off a high.

There is something to do with Congress highlighted, and then there is a sharp drop through multiple support levels. After the Science card, which appears around 11:00am, there’s a drop between 11:00am and noon, followed by a rebound that pushes up through a resistance level. This is a great opportunity to open some short positions. In this case, it will push up out of that dip from the day’s current low and it will create a high.

The high will be between noon to 1:00pm, and then there will be a flight to safety and a decline between 1:00pm-2:00pm through multiple support levels. It looks like there is a sudden move to the upside amidst some volatility. Then we have the Worry card, which is generally sideways rotation, in the last hour. Right around the close, we have the Knight of Wands. This card doesn’t bode well, there is usually a travel upwards along a diagonal support level and then it breaks down through that, which is notable. We also have clairvoyant impressions expressing a decline in the post market.

Looking to Tomorrow:

Looks like there is an opportunity to cash in on the following day. We have a low correlator to the Sneak Preview for tomorrow.