Market Rally Needed Today

March 22, 2024
Author: Peter Stolcers, Founder of OneOption

The market made a new all-time high yesterday, but there was little follow through. Today's price action will tell us how aggressive/passive buyers are.

PRE-OPEN MARKET COMMENTS FRIDAY - The market staged a nice breakout after the FOMC statement Wednesday and it made a new closing high. Even though the Fed confirmed "higher for longer", buyers bought after the release. My conclusion was that the message was consistent with what was expected and when buyers did not get the dip they wanted, they started buying. The S&P 500 has been compressing in a horizontal range for a few weeks and it has been waiting for the next catalyst.

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