Market Testing the All-Time High

March 1, 2024
Author: Peter Stolcers, Founder of OneOption

The market tested the bid this week and buyers are still interested. I am a little more bullish short-term. The long-term technicals are still very bullish. Major news next week.

PRE-OPEN MARKET COMMENTS FRIDAY - The market has been compressing in a tight range since the NVDA earnings reaction. That is mildly bullish short-term and the long-term technicals still look very bullish. The market has been able to digest gains and there was not any retracement. The news has been light this week, but that will change next week. I am expecting solid economic numbers and a good jobs report. The key piece of information will be the wage component. It needs to ease from the .6% increase that was reported last month. I feel that some of that was due to minimum wage increases by some states at the start of the year and it should ease. A .3% reading would be market friendly and job growth should be 200K+ based on the 4 week average of initial claims. 

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