Watch For A Dull Trading Day Ahead of the Jobs Report Posted by Pete Stolcers on March 31 www.1option.com Yesterday the S&P 500 took a breather after a 400 point run since the FOMC statement. The rally has come on light volume and that makes it vulnerable to profit taking. The March Fed rate hike means nothing. Bond yields … Read More
Daily Commentary: March 28, 2022
Day Traders Wait For Dips – Don’t Chase the Market Posted by Pete Stolcers on March 28 www.1option.com Last week the S&P 500 closed firmly above the 200-day MA and tech stocks were particularly strong. I believe that end of month fund buying and earnings season in two weeks will keep buyers engaged. The issues plaguing the market (inflation, … Read More
Daily Commentary: March 25, 2022
Market Bid Should Be Good For A Few Weeks – Don’t Overstay Your Welcome Posted by Pete Stolcers on March 25 www.1option.com Yesterday the S&P 500 closed firmly above the 200-day MA and tech stocks were particularly strong. That bodes well for more upside today and perhaps for the next few weeks. The issues plaguing the market (inflation, Fed … Read More
Daily Commentary: March 23, 2022
Swing Traders Watch For This – Conditions Are Improving! Posted by Pete Stolcers on March 23 www.1option.com PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday the S&P 500 closed above the 200-day MA on light volume. Bulls will try to keep the market above that key support level and a close above it Friday would confirm that support is forming. The … Read More
Daily Commentary: March 21, 2022
Watch This Key Price Level – It Will Set the Tone For the Week Posted by Pete Stolcers on March 21 www.1option.com Last week the market staged a relief rally after the Fed raised rates by 25 basis points. This was better than feared and triple witching fueled a breakout above the downward sloping D1 trend line for SPY. … Read More
Daily Commentary: March 18, 2022
Still More Bearish Than Bullish – Watch For These Patterns Posted by Pete Stolcers on March 18 www.1option.com The S&P 500 rallied when the Fed only raised rates by 25 basis points and follow through buying fueled it through the downward sloping trendline on a daily chart. The Quadruple witching “goosed” the move, but the 200-day MA should provide … Read More
Daily Commentary: March 16, 2022
FOMC Statement Today – Expect A Big Move Posted by Pete Stolcers on March 16 www.1option.com This is one of the most anticipated FOMC statements in recent memory. This will be the first rate hike in years. Traders are expecting a 25 basis point increase and language that supports similar increases at the next 3 meetings. Asset Managers typically … Read More
Daily Commentary: March 10, 2022
The Bounce Yesterday Was Only That – Here’s What I Expect Today Posted by Pete Stolcers on March 10 www.1option.com The rally yesterday felt nice, but it was just an oversold bounce. The market is still trading below all of the major moving averages and it has stayed below them for almost a month. A downward sloping trading channel … Read More
Daily Commentary: March 07, 2022
Take Gains On SPY – The Chart Says It All Posted by Pete Stolcers on March 07 www.1option.com The headlines have not changed much in the last few weeks. Russia’s war on Ukraine has prompted sanctions against Russia. Those sanctions are adding to inflation and the FOMC will reveal its interest rate policy in 10-days. Central banks have frozen … Read More
Daily Commentary: March 03, 2022
Don’t Chase the Gap Up Today – Be Patient! Posted by Pete Stolcers on March 03 www.1option.com Market volatility will subside towards the end of the month. The war in Ukraine and the upcoming FOMC meeting will keep uncertainty elevated. Jerome Powell will testify before the House again today. I am not expecting anything new today. He favors a … Read More