Another down day for the market but SPY support is holding so far.
Indices still not showing the underlying weakness in many individual names and sectors.Narrow leadership in stocks and sectors as market breadth( Number of advancing stocks vs. number of declining stocks) continues to deteriorate.Biotech was one of the strongest sector , it even took a hit on Tuesday. Hopefully after the FOMC rate decision Wednesday, market will find a direction. We have been focusing on relative strength names for day trading, stocks like TSLA, MOMO gave us decent trading action Tuesday.So again we will be focusing individual stocks.
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