Market Has Broken Key Support

August 17, 2023
Author: Peter Stolcers, Founder of OneOption

The selling pressure is likely to increase now that these levels have been breached.

PRE-OPEN MARKET COMMENTS THURSDAY – Yesterday the market closed below the 50-day MA and it closed on its low. The SPY has been below AVWAPQ and that is also bearish. The trendline that startd on March 13th was also breached. Without question, there is a negative bias and the selling pressure is likely to increase.

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