Another ugly day in the market as every bounce attempts are being faded.
Daily chart definitely has the look of testing August low. Next support 190.73 , 187 and 182.50. If you are looking for a bounce ,watch 30 minute SPY chart for some clues.
As you can see from 30 minute chart, SPY basically making a stair stepping down trend. Occasional bounce to down slopping trend line then fade and make lower low. For any type of short term bounce SPY needs to move and stay over that down slopping trend line and make higher low for bounce confirmation. So if you are trying to play bounce it is better to wait for a confirmation. Bears are in complete control and market needs to prove itself first then you can take the bounce trades. Be careful out there and take gains fast as it comes to via round trip trade, long/short/long. Bear market can wear out both long and short traders , since market is oversold , Bear covers then Bulls buys longs only to see market reverse again and continues lower, frustrating both sides. This volatility and wide ranges are perfect for day traders with skills.Not so great if you are not nimble and manage risk well. Out trade room’s real time trade alert’s has been consistently profitable even with this market turbulence. Now more than ever , you need to learn how to be profitable trader in any Market by joining 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.
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