S&P500 Forecast for Thursday, June 15th, 2022

Theme:

Decline through multiple supports.

Overview:

We gap up overnight and there is a sideways-S formation right around the open. In the midst of a decline in the first half hour, we do some bumping along resistance and then there is a big move higher to turn resistance into support. This is quickly followed by a decline that takes us into midday and we hit a trough. A rally forms and this is an opportunity to open up some short positions as well. The decline continues and there is a bump higher and we fall through support and bounce along it until we break down through more. There is a notable decline in the last two hours and there may be a push up right around the close. It won't last long, as there is more decline right around here.