Bullish Signs in Market Averages Today

Tom Gentile

Posted in
Daily Report

By: Tom Gentile
March 3rd, 2023

2 mins read

The Stock Market Averages are Seeing Some Bullish Follow Through Friday 2023-03-03

All week long the emphasis has been on the markets testing support and keeping an eye out for a bounce or a breakdown.

Yesterday was a bullish reversal day and part of a two-day pattern called a bullish engulfing pattern.

It was noted we need to see some bullish follow through to the upside and today we are getting it.  Look at the chart below on the SPY.

Figure 1: 100-day Candle Chart SPY with Fibonacci
Figure 1: 100-day Candle Chart SPY with Fibonacci

The thing to ask now is do you feel the markets will continue higher or fail to the point it breaks support.

As things look now, there are two scenarios that could play out, (obviously there are many, but here are the two being pointed out).

  1. The markets continue to trade higher and the previous peak high at $416.71 is where the SPY goes or…
  2. The support price of 393.75 get breached and the markets start a move to previous, lower Fib levels.

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