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Market Likely To Test 100-day MA
www.oneoption.com
The S&P 500 has had four consecutive lower closes.
PRE-OPEN MARKET COMMENTS FRIDAY – In the last few days, the market has not been able to challenge the 50-day MA or AVWAPQ. It is getting comfortable below those support levels and the longer it stays below them, the more likely we are to test the next support level.
The volume is fairly light, but that will change. Major economic releases are on deck next week and we will see if the job market remains strong. After the open this morning ISM Manufacturing will be released.
We saw a little profit taking to start the year, but the market has been able to recover most of those losses. It is up slightly overnight. Global markets were down slightly.
The S&P 500 had a 100-point range to start the year and we are right in the middle of that range. Expect an “inside day”. Wait for ISM manufacturing before taking any positions. Traders are likely to wait for the economic releases next week so the action is likely to be choppy.
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