Nice follow through action by the Bulls after SPY broke out of short term range and flag pattern.
As I wrote in last post,usually this type viscous move, gap and close all over major moving averages (8,20,50) sees follow through move. Nice follow through so far by Bulls, as market grinding higher and looks to test or breakout the highs. Market has been in a range for a long time, if market finally starts moving, we might see some chasing and short squeeze which in turn should propel the market higher. Although a few days of sideways action would be great for next move higher. Short term support now blow 20/50 MA, 206.50 area.If you are struggling with your trading or learn how to trade you need to check out our trading courses. 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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