Morning Notes – 3/11/2022 – Expected Moves

Just a couple of quick comments this morning:

• The market backed way down from the price level at my morning notes.
• The index rejected the top downtrend line of the falling wedge on the daily chart, even with the Putin Pop, which retraced.
• The wedge top tracks the falling 21-day line, so the line is also being rejected.
• I placed the quartile colors on the most likely expected move range for the day.
• So I see no significant change – the market remains pinned between 4200 and 4300 for now, the fluid range we have discussed the past few days.
• The index is wedging again and likely will turn higher again soon if you want to catch a quick intraday trade. Wait for an actual pivot.
• I still see a slight positive bias based on expiration and strike prices into the close.

A.F. Thornton