SPY finally tested the 50 MA after breaking below all important both 8 and 20 MA short term momentum moving averages as we have been discussing last few blogs.
Bounce continuation is a possibility here , however now we have overhead resistance above at 8 and 20 MA as support becomes resistance. SPY also has a look of bearish head and shoulder pattern if stays below 20 MA 207.60 area. A close below 50 MA, 204 area again could test 200MA. It has been a hit and run trading environment again on range bound market .For watch list I’ll be watching tech names for bounce continuation and some biotech for oversold bounce.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.
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