SPY and QQQ On Major Support

March 2, 2023
Author: Peter Stolcers, Founder of OneOption

TLT is breaking major support and rates are moving higher. "Fed speak" tonight.

PRE-OPEN MARKET COMMENTS THURSDAY – The market has been in a steady drift lower and this morning it is testing the 200-day MA. The major moving averages have been converging so the 100-day MA is in play today. The volume during the decline has been better than average, but we are not seeing any long red candles. Instead, the bodies are tiny and the intraday ranges are compressing. The 20-day ATR was $9 in November and now it is $6. VIX/VXX are relatively low because of the market price action and we have not seen a spike.

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