Sellers Dropped the Ball Friday

August 28, 2023
Author: Peter Stolcers, Founder of OneOption

Sellers were able to reversed the gains from Wednesday, but we needed follow through selling Friday. This was a missed opportunity and it is a sign that buyers are interested at this level.

PRE-OPEN MARKET COMMENTS MONDAY – The market is happy right at this level. Buyers and sellers are in equilibrium, and we are seeing two-sided price action. The big spike Wednesday was erased Thursday and the action Friday was similar. Sellers took control early and when they were not able to move the needle, buyers took over. August is typically a slow month and we are in a holding pattern. There will be key economic releases this week and they include the official PMIs, GDP (second estimate), ADP, ISM manufacturing and the jobs report.  

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