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Gap Up To A New High – Use Caution
www.oneoption.com
This is typically where we see gap reversals. Wait to see if the gains hold.
PRE-OPEN MARKET COMMENTS WEDNESDAY – The market is digesting gains. We have seen some selling pressure the last two days. The market could compress for a week at the all-time high and that would set the stage for another leg higher next week. The market could dip and that would keep us sidelined with swing longs until support forms. We want that dip to be brief and shallow.
There was news in the last hour and the market rallied 20 points. I don’t know what the news was, but there was not a major economic release. What I do know is that I am not worried about gaps down. They are our best scenario. What I would be more fearful of is a gap up and a reversal. DO NOT CHASE THIS GAP. A reversal is when profit takers surface and as the gap fills the downward momentum gathers steam.
Support is at $494 and resistance is at $500
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