Ugly follow through day after reversal candle on Thursday.
SPY Over 20 MA was the breakout area and it reversed back to 20 MA and closed below it. Bulls need to defend the market here and get SPY back over to 20 MA 196 area. Short term support 194 area. So far Bears in control as the chart is looking more like bear flag breakdown. “SPY break out over 200 area and also fade after the breakout” scenario played out as mentioned in earlier post. For us in chat room shorting resistance and buying support has been working well and we will continue to do that until trend changes. Biotech names have been acting well so i will be watching few of them for a long play and few China names have been basing well so i will be watching those as well for range breakout. I am also putting some extended stocks for a quick short plays. 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. You can also check out the testimonials from our students.
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