Market Bounce Likely Today

February 21, 2023
Author: Peter Stolcers, Founder of OneOption

The last 4 gaps down have not gained traction. No reason to think this one will.

PRE-OPEN MARKET COMMENTS TUESDAY – After a holiday weekend the market is staring off on a sour note and the S&P 500 is down 35 points before the open. The price action over the last few weeks has been very choppy with moves in both directions. The SPY $395 level is major support. If that level is attacked with long red candles, I will respect the move and that would be a sign that that support level is going to fail. Until then, a gradual drift down to it suggests that sellers are not that strong and that the support level will hold.

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