S&P 500 prediction for Oct/20/2023

 Unfortunately, my prediction for today was wrong. The market is down today by 0.85%

I think that I was more optimistic considering the overall macro situation and downward trends. I should have taken more conservative/realistic approach.

What went wrong with respect to prediction.

• Jobless claims at nine months low.
• Chairman Powell speech did not help.
• WTI oil went up.
• Futures went down today morning.
• 10-year yield went up.

Let's focus on tomorrow,

+ve(UP) reasoning:

1. May be oversold this week?
2. Will there be any Santa Claus rally?

-ve(DOWN) reasoning:

1. Weekend selling.
2. WTI oil price is UP.
3. Mini S&P500 futures down and DOW futures also down.
4. Geo-political situation.

Unknown: Powell's statements were hawkish or dovish!! 

Considering the above factors, am sticking the basics and predicting market will be down tomorrow (10/20/2023)

        

THIS IS NOT A FINANCIAL ADVICE.