The markets tested resistance levels today, associated with some volatility. These current market levels are very significant...this was the same area the S&P broke down last year.
As discussed over the last couple weeks, this should be the biggest test to the current bull move. If the bulls retract from this point, then we could see some sideways to down over the next few days, creating some shorter-term bearish opportunity. Keep in mind that, even with a small correction, the overall sentiment is still to the upside.
Don't rush to add new bull trades here. March expiration is next week. With a pullback, we will see new opportunity for bull trades over the next few days.
Have a great night,
The Maverick Trading Team
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