Finally a pull back in the Market out of that “Rising Wedge” pattern that i have mentioned in last blog.
SPY has layers of support below, it manged close above 8 EMA 198, through that next support 197.5, 195 and big one 193.50 area. Energy names finally retreated after extended run. If you follow me on Twitter, I posted this on Monday night.
We had our gap down on energy names so we were executing our game plan via shorting the 1st spike on oil names at open.
Check out how nicely the trade payed out.
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