Market Testing Psych Level – Use Care

February 9, 2024
Author: Peter Stolcers, Founder of OneOption

If the market surges higher we could see a buying climax next week. We need to compress or have a small dip to prevent that. Here's the game plan.

PRE-OPEN MARKET COMMENTS FRIDAY – The SPY traded above $500 before the open. That is a psychological resistance level and it will act as a magnet. After a big rally the market is due for a pause. If the market does not pause here, I feel that anything above $SPY $507 gets us into buying climax territory on a short-term basis if it comes quickly. That could spark a swift round of profit taking.  

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