SPY bounce from 2018 low Wednesday but back to that same level Friday. Just ugly action. If this 228.50 level goes or does not get remounted, market will be in kind of uncharted territory. No clear support until 220-213.
Business as usual for active day traders, buy ETF’s at intra day hard selloff for scalp, red to green ,green to red,sell/short the rips with defined risk/reward in mind. As far as investing, we are still in no men’s land,Just like toppings, bottoming is a process to.
Watch AAPL as tell, Sold off hard on 200 MA break. If this goes, so will the market.
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Here is the watch list and game plan:
Again, given the volatility,I will be mostly watching ETF’s like TQQQ LABU, SPXL,LABU,TVIX,UVXY and some highly liquid tech names for both long and short trades. Volatile market out, if you are not sure what are you doing, it’s better to stay put until market settles down. DO NOT chase stocks up.
Many stocks rejected nearest moving averages Friday after relief bounce. Expecting them to continue fading. However, a breakout above Friday’s high could trigger some short squeeze.
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