The Market Needs To Rally Today

November 16, 2022
Author: Peter Stolcers, Founder of OneOption

The breakout last week was nice, but we are not seeing follow through.

PRE-OPEN MARKET COMMENTS WEDNESDAY – The market broke through resistance last week and on a move like that it is critical that we see follow though. If we don’t, the risk of a pullback increases every day. The reaction to the PPI yesterday was soft. If buyers were anxious, they would have jumped on that drop and they did not. That tells me that this could be a light volume float higher. Those are risky because gains can be stripped away quickly. If today does not finish firmly above the high form Tuesday, start to reduce some of you long swing exposure.

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