SPY gap down open to 200 MA but bulls could not wait to buy the dips, and closing market at the high of the day.
SPY support now 200 MA , 201.80 followed by 20 and 100 MA 200 zone. Strong action again in commodity names like oil and metals. Some of our go to oil names like WLL, OAS, SM broke the short term 8 EMA support on Thursday, causing them to have a trend down day. Gap down Friday and buyers couldn’t wait to buy the dips. Commodity ETF’s like XLE , XME all bounce at 20 MA.healthy action indeed. We also have end of quarter window dressing season upon us where fund mangers will chase, mark up strong sectors and/or stocks.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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