Ugly day for market after stocks like GOOGL, CAT faded even after reporting good earnings.
SPY below 20 and 50 MA and in the middle of the range. Bears now have the edge until it’s back over 20/50 MA. The most worrisome things are good earning are being sold into and there are no leadership stocks or sector. Price action keeps on deteriorating on once leader FANG names. Oil stocks has seen some nice days but they are not true leadership stocks. Market is getting a bit oversold so it might try for a bounce but not sure how long that bounce will last. Hit and run trading continues until the picture clears and if you are not sure what to do just sit out for now.
Watch list names did well. OKTA,SAIL,CASIAKCA VHI all triggered and gave nice trades before rolling over along with market . UVXY 15.80 alert also gave a nice trade in market weakness Tuesday.
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.