I Was Wrong - Market Support Is Going To Take Longer To Form

One Option Trading Blog https://ift.tt/2Ibjk86 Posted 9:30 AM ET - The market is weak and conditions have deteriorated rapidly. That is usually a sign of margin liquidation. The 200-day moving average will be tested today. When margin calls and program trading drive the action, support levels don't mean much. Fundamentals certainly don't mean anything under these conditions. Traders sell whatever they can and they go to cash. Ultimately this will present a good buying opportunity, but there is pain ahead. We are likely to probe for support early today and we will challenge the 200-day MA. We need to hit an air pocket and we need …