We’ve Seen This Pattern 3X This Week

March 31, 2023
Author: Peter Stolcers, Founder of OneOption

The breakouts have come on very light volume and the Q1 gains for the S&P 500 can be attributed to a handful of mega cap tech stocks.

PRE-OPEN MARKET COMMENTS FRIDAY – The market has broken a down trendline, but not in a convincing manner. We want these breakouts to occur with long candles and heavy volume. We have neither. Core PCE came in at .3% and that is a touch better than expected. That has sparked a small round of buying before the open, but nothing impressive. The SPY is just above the high from Thursday.

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