We Have Market Confirmation

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

The market got through the high of the week and that is the confirmation we needed. Now the market is within striking distance of the all-time high.

PRE-OPEN MARKET COMMENTS FRIDAY - We got a warning on April 4th and the market served up a giant bearish engulfing candle on heavy volume. We expected volatility so we took gains on longer-term swing longs and we went to hand-to-hand combat (day trading). We new a dip was likely and our goal was to evaluate the depth, speed and duration of it. The dip was fairly shallow and we were able to short gaps up that reversed. We did not want to get more aggressive than that because this was a normal pullback in a bull market. We were going to get a bounce and we did not want to get trapped in a "snap back" rally.

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