Market Will Probe For Support

March 11, 2024
Author: Peter Stolcers, Founder of OneOption

There is not much I can add to the market analysis in my Sunday video.

PRE-OPEN MARKET COMMENTS MONDAY - I don't have anything new to add from the video yesterday. It had complete market analysis and you should try to watch those. I believe we are going to see some follow through selling the next two days. Support will be established and then the market will move higher from that level. For most of you, sit on your hands and look for stocks that are holding up well. I would discourage shorting for the vast majority of you. The CPI will be released tomorrow (.4% expected). I would be cautious with tech. These stocks were particularly weak Fri and there was a gap up reversal for many that resulted in a bearish engulfing candle. If the stock has had spectacular gains recently, use even more caution. We could see more profit taking in these names. Support is $508.50 and resistance is the close from Friday.

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