Rally continues in the Market after SPY 50 MA support bounce.
Nothing new to report as far as technical pattern, bulls are clear to take on SPY congestion zone 204 and 206 area. Short term resistance lies on 100 MA and previous support, 204 area. I will be keeping an eye on that lever for a reversal. Biotech IBB found resistance on 20 MA, which is normal, first tap at resistance usually gets faded but if it can get over 20 MA again, bio stocks should get moving again. This slow grind up type of action could be tricky for day traders. As a trader we need volatility, so take it easy out there as slow grind doesn’t offer big range for big day trades. 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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