Bulls on Wall Street: Stop Guessing. Start Trading.

Failed break out move  turned into a fast breakdown move. Ugly day for stocks and some major technical damages across the board.

SPY closed below 50 MA. Has a gap to fill around 242.50.Worrisome thing for the market was lack of  usual dip buyers Thursday and relentless sell of all and closed low of the day.

Small cap index IWM has been canary bird as it has been under performing for a while now.However , 200 MA is close by and potential bounce.

Game plan for Friday, if another red open, I will try few longs with tight stops. If market open green, watching 50 MA on SPY and QQQ. If 50 MA acts as resistance, I'll try some shorts.

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AAOI Our 70 fade idea worked well. If this support breaks, 58 next.

FB Gap fill at 165.75. See if it can bounce on gap fill.

NFLX Ideally another wash to 50 MA or gap fill then bounce.

SHOP Below 88 , could go to 85 and bounce.

TSLA A flush to 347 could get a bounce.

About szaman

Sayed is a veteran of the stock market, receiving acclaim for his hot stock watchlists. He trades in the Bulls room and blogs for the site, sharing his watchlist and market analysis daily.

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