Trading Watch List 02.05.2018

Volatility kicked into gear as market sold off across the board. SPY lost over 2%, biggest red day in 2 years.Market finally in much needed overdue correction phase. Is the run in market finally over? We don’t know that yet. but i doubt it, short term, marked broke some levels of support but long term uptrend still intact and few days of sell off doesn’t create a new trend. Good thing about sharp sell off is that we will also get some sharp bounces along the way. So have a shopping list ready for when bounce happens with defined risk parameters.

SPY next small support 275/274.80 area and then major support at 50 MA.Resistance at 20 MA.

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