Brutal week for the market, ended with late day relief bounce. SPY major support now 247.68 area. A break below should see 235. Cluster of resistance at 273,280,300. 305. Broken/nervous,/headline news risk market under 200 SMA. Short term rallies to resistances should get faded.
Business as usual for active day traders, buy support, red to green and sell/short the rips with defined risk/reward in mind. As far as investing, we need to see range narrows, that will be a sign of stabilization. That will also give you much better support and resistance level.
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Here is the watch list and game plan:
Again, given the volatility,I will be mostly watching ETF’s like TQQQ LABU, SPXL,LABU,TVIX and some highly liquid tech names for both long and short trades. Volatile market out, if you are not sure what are you doing, it’s better to stay put until market settles down. DO NOT chase stocks up.
If market continues to bounce , every stock will bounce. Here is a few select ones that grabbed my eyes.
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We are seeing unprecedented volatility in the stock market right now.
We are getting hundreds of messages a day asking “What should I do?” “How do you trade these market conditions?” “How do I survive this?”
Prepare and educate yourself. Learn proven strategies from traders who have seen multiple bear markets.
Click Here to 66% Off Our Total Trader Package
