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We Like Overnight Dips
www.oneoption.com
The headlines are light and this is our chance to enter well.
PRE-OPEN MARKET COMMENTS FRIDAY – Yesterday the market made a new all-time high. Bull markets have a tendency to open on the low and close on the high. That results in green candles on the chart.
After a nice run the previous day, sell programs test the bid early in the day. They check to see if buyers are still interested. Once support has been confirmed, the market moves higher and this pattern continues.
From a bullish perspective I am more concerned with big gaps up than I am small gaps down. Test the bid, confirm support and spend the day filling the gap.
Initial jobless claims were better than feared, our second look at GDP was better than expected, NVDA posted excellent results and we are heading into a holiday. I would not stand in front of this freight train.
The early drop is likely to find support and I would favor the long side. Overseas markets were mixed with no net change in aggregate. That means there’s not much of a tailwind.
The economic news next week will be heavy and traders are not likely to take large positions ahead of that news and ahead of a long weekend.
If you liked a stock yesterday and it has dipped on the open today, you have an opportunity to enter well. Don’t chase big gaps up.
Support and resistance are yesterday’s range.
HAPPY LABOR DAY!
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