Finally some volatility in the market.
SPY broke tat uptrend channel and closed below short term momentum indicator 8 EMA. Will be one of those one/two day sell of and done? We don't know but all eyes will be in 281.22. A break below might try 20 MA. As I wrote in earlier blog, SPY hasn't had a test of short term moving averages in a while.that scenario is playing out. All healthy correction. Many earning and FOMC tax rate news coming up this week ,so expect some volatility. One day of volatility gave us some nice trades, If you follow me on twitter, SQ, WYNN,WATT.,SHOP, TWTR gave us some nice trades. As a short term active trader, volatility produces great trades than slow grind up.
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