Possible Bear Trap Setting Up

January 5, 2024
Author: Peter Stolcers, Founder of OneOption

The macro backdrop technically and fundamentally remains bullish. Nothing has changed this week.

PRE-OPEN MARKET COMMENTS FRIDAY – The market has given back some of the recent gains to start the year and this morning’s initial reaction to the jobs number is negative. To preserve my longer-term bullish bias I need this dip to be brief (1 week) and shallow ($SPY finds support at $464).  If this scenario plays out the market will rebound forming a bullish flag on a daily chart and we will make a new all-time high by the end of the month.

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