Powell Will Remind Us of “Higher For Longer”

March 6, 2024
Author: Peter Stolcers, Founder of OneOption

Don't trust this gap higher. Wait to see if half of the gap up is preserved. There has been selling pressure the last two days and you will get a dip. Here's the plan.

PRE-OPEN MARKET COMMENTS WEDNESDAY – The selling pressure yesterday actually started late Monday. The market made a new all-time high intraday and that move was smacked down like Chris Rock at the Oscars. Yesterday the market drifted lower all day. The bounces were brief and shallow and with the exception of two M5 bars, the SPY stayed below VWAP. The volume was fairly heavy and the open from the long green candle on Friday was breached. We want those long green candles at a new all-time high preserved. Even if it takes a few days for the market to advance, that’s OK. It is a sign that buyers are still interested and that they are supporting the breakout. When these candles reverse quickly it is a sign that the selling pressure is building. This morning the market is going to test the high from Tuesday right out of the gate.

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