Big “V” shaped rally in the market after huge sell off, catching many late shorts off guard. As i wrote in the last blog “SPY needs to get back over that 9/20 EMA on 30 minute time frame and close there for Bulls to get some footings.” Bulls manged to close the SPY over both 9/20 EMA on 30 minute chart on Wednesday.
And a nice follow through on Thursday by Bulls with a gap up and go day. After this “V” shaped rally market needs some basing action to create new setups. Market hitting some overhead resistance here, so i will be focusing on some quick day trading shorts. Technology stocks came a long way since Monday and you can see QQQ has over head resistance at 200 MA.
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