Big Market Breakout! Should I Buy the Open?

December 1, 2022
Author: Peter Stolcers, Founder of OneOption

The market broke through the 200-day MA on heavy volume and here is my take.

PRE-OPEN MARKET COMMENTS THURSDAY – The market was trapped in a tight range and the volume was extremely light the last 3 weeks. Traders were looking for news that might spark a breakout in either direction and the speech from Fed Chairman Powell yesterday had the potential to do that. The reaction was bullish and the S&P 500 rallied 130 points during his speech. From a technical standpoint, the market is resting just below a major trend line.

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