Not a good day for the Bulls in the Market. Bulls wanted see a follow through or and inside day today after Tuesday’s bounce as SPY managed to close over 20 MA. Instead we have an ugly outside reversal candle today. Interesting to see that sell off in Oil finally catching up to broader Market sell off.
SPY is in the bottom range of the bollingar band, means it could crack a little more or could bounce here. We have some support zone underneath with 50 MA as obvious support. In terms of daily chart setup, i couldn’t find many stocks to trade. Murky water in the market now. Bulls need to reclaim the 20 MA for positive momentum flow. Be careful out there.If you are struggling with your trading or learn how to trade you need to join our 60 day Bootcamp course. Our program is designed in such a way that you come out of it ready to trade live in just 3 months. We teach you everything from risk management to scanning to trading strategies. I also share my profitable intraday trading strategy which will make you money short term regardless of Market condition. The class is one of a kind, see why you should sign up for the course here . You will also have access to a private community where you can ask questions, share charts and talk with the instructors or other traders.
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