Market -Yellow Light Changed To Red

April 10, 2024
Author: Peter Stolcers, Founder of OneOption

Since last Thursday I have been warning you to reduce risk. We didn't know which way the market would break, now we do.

PRE-OPEN MARKET COMMENTS - WEDNESDAY - Last week the stage was set for a nice upside breakout. The market had been compressing near the all-time high and a strong jobs report could potentially fuel the move. Thursday the market gapped up to the all-time high. It treaded water for the first few hours and then the bottom fell out. The selling pressure was VERY heavy and it got my attention. A move of that nature signaled heavy selling pressure. The market closed on the low of the day and the range was 200% of the 20-day ATR. This resulted in a giant bearish engulfing candle on the D1 chart and I have been sounding the alarm ever since.

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