Why Is the Market Down Today?

August 17, 2022
Author: Peter Stolcers, Founder of OneOption

Was there some major news I need to be aware of?

PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday the SPY challenged major resistance at the 200-day MA and it was smacked down from that level. That should be expected on the first attempt after a 500 point S&P 500 rally in the last month. This is a sign of profit taking and the S&P 500 is down 35 points before the open.

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