Buyers and Sellers In A Stalemate

March 7, 2023
Author: Peter Stolcers, Founder of OneOption

Neither side has the power to push the market out of its current range.

PRE-OPEN MARKET COMMENTS TUESDAY – Last week the SPY tested the 200-day MA and it bounced off of that technical support level. During the last round of selling, the price action on the way down was tenuous. That was a sign that buyers were engaged. I still believe the market is in a bottoming process where we will see more of a horizontal range. That could last through the summer.

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