As I wrote in the last blog, “Market still in bear zone below down slopping 20/50/200 MA…So far this year rally attempts haven’t had much of a follow through so i will be watching how bears reacts here or at the next resistance zone 195. If the trend remains the way it has been this year, bears should come out soon for more fades”
Good showing by bears today on cue, with gap down, even though SPY manged to hold round number/10MA , 190 area. It needs to get back over 192 to regain confidence from bulls, otherwise the chart looking like a bear flag and failed bounce. Crude oil held the psychological 30 area, Needs to hold that 30 level otherwise it will be just another dead cat bounce. Biotech and financial stocks still remain the ugly ducklings, market will not get a sustainable bounce without those sectors. 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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