Not the best looking charts for indices after the action today.
Market was on it’s way to a break out until the end of the day when things fall apart quickly. SPY closed at the 8 EMA , 270 area. Big spot here. A break below 270 opens the door foe some more weakness . Bears will push the market down on the bear flag break. Market might test the low’s or make a higher lows’s. We do not know that until support holds and/or on reversal candle, day to day basis. Stay nimble and have an open mind. Volatility is creeping back again and there is a possibility that we might see panic type move again. Panic knows no support. For bulls case they need to defend 270 and close over 270.
On a side note, i will be taking off few days starting Friday. There won’t be a watch list until the end of next week. Be safe and happy trading!
If you are struggling with your trading or learn how to trade you need to check out our trading courses. 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 Check them out here.
Follow me on Twitter for real time trading setups@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.
