Moderate sell of in the market after no follow through on SPY.
SPY finally closed below short term momentum 8 day moving average after a while. Last time few time this zone was bought by anxious dip buyers. Will be interesting to see if dip buyers show up again. Else we might have a range bound market with 20 and 200 MA support and 207.14 as resistance. Earning season also nearing, so market might get stuck on range bound mode short term. Bulls want to see 20oMA holds otherwise bears might come into play since market made a lower high and faded. Healthy action so far, if market can base out and digest the gains that will create some nice daily chart setups.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.
Also if you are interested in our day trade alert services and chat room , take a free trial! Check them out here.
Follow me on Twitter @szaman and on StockTwits @szaman
Check out our newest Offering “Bulls Vision” ! A brand new screen share product! See through the eyes of @kunal00 while he trades live everyday.