The Market Bid Will Be Good Today

July 25, 2023
Author: Peter Stolcers, Founder of OneOption

The threat of a major market drop this morning is minimal ahead of major news. I like the long side today, but we need an early breakout if we are going to add.

PRE-OPEN MARKET COMMENTS TUESDAY – The market gains from last week have been able to hold and profit taking has not gained traction. The FOMC statement will be released tomorrow and MSFT and GOOG will report earnings after the close today. If the SPY is able to rally above $455 in the first hour of trading today, there is a chance that we will see a gradual float higher.  Excitement over AI will attract buyers. Sellers will be relatively passive ahead of major news and they will not risk fading the trend. There is sentiment that the Fed might soften their tone thereby reducing expectations for a September rate hike as they head into recess.  That would be bullish. As far as a breakout today, it has to come in the first hour or the market will fall into a tight trading range.

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