Rally day in the Market after Japan cut interest rate to negative an all sectors came to play in the rally.
As i wrote in the last blog , a range break in either direction should get some follow through. Here we are, SPY broke that 190.53 upper resistance and we have a nice follow through rally. Question is what happens now? Market still in bear zone below down slopping 20/50/200 MA. Short term we still have some room to move up to 195 and 200 area before hitting some major resistance. So far this year rally attempts haven’t had much of a follow through so i will be watching how bears reacts here or at the next resistance zone 195. If the trend remains the way it has been this year, bears should come out soon for more fades. To sustain this rally bulls wants to see some back and fill action above short term 8/20 MA and dips get bought until 20/50/200 MA flattens out a bit for a sustainable recovery. If you are a short term trader, great trading market out there as our chat room trade alerts continues to hit record profits!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.
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