Don’t Chase the Gap Up Today

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

The drop yesterday carries more weight than the one last week. Sellers will test the bid.

PRE-OPEN MARKET COMMENTS – The SPY gained 10% in the last month. The FOMC statement will be released next Wednesday and mega cap tech companies will post earnings next week. Traders will be anxious to see if those releases are consistent with the recent rally. I am not expecting much movement the next 3 trading days and we will be in “wait and see” mode.

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