The Market Action Will Heat Up

April 24, 2023
Author: Peter Stolcers, Founder of OneOption

Slow day on tap today, but major earnings releases will provide opportunities the rest of the week.

PRE-OPEN MARKET COMMENTS MONDAY – There is not a lot of incremental overnight news. The S&P 500 will open inside of the prior day’s range and it is flat. Overseas markets were also flat and there is no tailwind this morning. The market is bumping up against major horizontal resistance. This light volume bounce is 10% off of the low from March. It will need a catalyst to push it through on heavy volume. Earnings season could be that driver, but I doubt it. I still believe the market needs to spend time in the range and earnings need to catch up to valuations. Asset Managers are not aggressively buying and that is why the volume is so light.

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