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|You know my game plan for the open. Watch 1OP and the price action I outlined. I am going to record a video on the open so I will be out for the first hour.|
|PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday the SPY challenged major resistance at the 200-day MA and it was smacked down from that level. That should be expected on the first attempt after a 500 point S&P 500 rally in the...|
|We got a wimpy bounce and we are about to take out the lod. This could just be to flush out dip buyers so it could be solo. The bid has been pretty stubborn.|
|I am fairly confident that we will get that solo red bar, but I am also fairly confident it will be a solo. Buyers are lined up at the lod and they will try to trigger those stops just like...|
|If we recover half of that red candle and then green candle above $426, we have seen the lod until FOMC min. Still need to be cautious. As DaveW pointed out, not a great market backdrop here. Lots of mixed...|
|I like being long here. at very least we should get a long green candle|
|1OP is flat lining so not much help. That tells me the action will be dead. They tried to trigger sell stops and that red candle was a solo. Now they will try to rally to the top of it....|
|Who turned the spigot off? Yesterday we were jumping, today it is dead. Context is super important. The late day drop yesterday and the pending FOMC minutes are keeping a lid on the action. It is critically important for you...|
|The price action (mixed overlapping candles) and low volume are the warnings signs. Are you seeing stacked consecutive candles on volume? No.|
|What do we know about the price action this morning? What is the pattern and what should we expect? (see image at right).|
|There is no reason to think that the FOMC minutes will yield a move. Everyone is waiting for it so maybe normal trading will resume once we have it out of the way. This is a typical August trading session.|
|Given the market trend and that we are in the gap, the path of least resistance is up. If you have strong stocks, the risk of having the rug pulled out is minimal here. I like getting long|
|I would be careful with longs here. That was a bearish engulf and we did fill the gap. The price action has been super choppy and that is another sign of resistance.|
|Did the FOMC minutes have a market impact? No. After 90 minutes of trading we are right back where we started. At least we got some movement, but that release killed much of the day|