Sell off continues in the market after 8/20 MA and trend line breakdown on SPY.
No real support till 222/221.80 on SPY. Market action has been poor for the beginning of last few Januaries and it seems market is heading that way this year too. We had another decent day in chat room, shorting gold via DUST. As far as daily watch list,slim pickings,will be watching few names for support buy. I will also keep an eye on few beaten up ,year long under performing names. Now that the tax selling is over and beginning of a new year, may be some bids would come to those names if general market holds up. If you decide to trade them wait for an intraday setup with defined risk/reward.
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