Mixed Market Bias

June 23, 2022
Author: Peter Stolcers, Founder of OneOption

Short-term I am slightly more bullish, but longer term we still have work to do on the downside.

PRE-OPEN MARKET COMMENT THURSDAY – The market has been forming support after a fast drop last week. Yesterday we saw a big gap reversal that erased early losses. Stacked consecutive green candles with little overlap were a sign of strength and on the first attempt the SPY filled in the gap and it blew through the prior day’s high. Unfortunately, the buying dried up after that. Sellers took advantage of the bounce and much of the gain evaporated.

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