Slow grind up rally continues in the market.
Nothing new to report on SPY chart, grinding up over 8 EMA momentum moving averages. Support at 8 and 200 MA followed by 20 MA. Some reversal action on oil names as energy etf XLE paused at 200 MA. We had some nice short trades on few oil names like APC, WLL, SM for decent gains. I will be watching them again to see if there is any follow through on the downside. Hard to find decent long setups at this stage of the rally at the same time it is difficult to short a slow grind up market. So i am keeping my trades quick and easy until there are some volatility.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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