As it is evident from the chart, stock market has been downward until Wednesday.
Here is an overview from the newsletter published today:
S&P 500 Predictions
The stock market closed lower in the previous session as expected. Today, the lower opening is indicated in the US session. From the mid-session, recovery would start. The market may behave positively on Thursday. On Friday, the trend can be mixed; closing can be lower. The trend is overall supportive of the market until the month-end. A major correction shall start on 2nd June 2023.
DOW has support at 32700 and resistance at 33500. S&P500 has support at 4100-4080 and resistance at 4220. NASDAQ has support at 13500 and resistance at 14000. RUSSELL has support at 1750 and resistance at 1820.
It was advised to long Gold and Silver yesterday at lower level. Booked 50% profit at higher level. Gold (June) has support at 1948 and resistance at 2000. Silver (July) has support at 23.19. Book profit in long position of precious metals today. The trend is unfavorable for Thursday-Friday. From Friday’s US opening, a recovery is possible.
Crude is positive until the end of month with support at 71.00.
Today, a downtrend is indicated. In the closing hour, recovery is possible. On Thursday, the market may behave positively. On Friday, the trend is mixed. Overall, the market is supportive until the end of the month. A major reversal shall start from 2nd or 5th June 2023. Nifty has support at 18050 and resistance at 18050. Bank Nifty has support at 43200 and resistance at 44250.