Bearish trend continues in the market as SPY chopping around 200 MA.
Still no sign that the correction is over as we are seeing pocket of strength in many stocks being quickly faded. SPY needs to get over 280 and stay there for bull’s case. Volatility is here might stay here for a while. There are some serious chart damages were done in many stocks and it will take some time to repair. We have some big earnings coming up next week. Hopefully , some of those earning plays will provide us some actionable trade setups. Again if you are not sure what the play is, stay patient and wait for better times. This is the type of environment where many account gets blown up as your typical trade setups would see many shake out before it works , meanwhile you will get chopped to pieces.
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