Pre-Open Market Comments – Tuesday

May 10, 2022
Author: Peter Stolcers, Founder of OneOption

My market bias for the next few weeks is bearish. The price action since the FOMC has been weak and I do not see that changing with a 50 basis point rate hike pending a month from now. The S&P 500 is down 16% from the high and it is in correction territory. The QQQ and IWM are both in bear market territory. The small bounce this morning is only a bounce.

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