Watch This Market Support Level

November 28, 2022
Author: Peter Stolcers, Founder of OneOption

This wimpy year-end bounce is vulnerable to profit taking.

PRE-OPEN MARKET COMMENTS MONDAY – I hope you all enjoyed time with friends and family over the long weekend. The narrative is largely unchanged. From a technical standpoint the SPY is resting between the 100-day MA and the 200-day MA and the volume is extremely light. Year-end seasonal strength has produced a wimpy little bounce that can quickly be reversed. As long as support at the 100-day MA holds, day trade from either side. If support at SPY $391 is breached, focus on the short side.

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