2 Patterns To Watch For Today

August 31, 2022
Author: Peter Stolcers, Founder of OneOption

Expect an "inside day" on light volume. We are in pre-holiday mode so keep it light.

PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday we were looking for a gap reversal on the open and we nailed it. The heavy selling from last Friday returned and Asset Managers are in “risk off” mode after extremely hawkish comments from the Fed. We can expect more follow through selling in coming weeks, but the action is likely to die down ahead of the holiday and the jobs report Friday. Yesterday’s drop came suddenly and then we compressed in a range the rest of the day.  

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