Bears made a push to close SPY below 50 MA on Friday but failed to make any follow through move yet again on Monday.As usual major support area were bought again as we talked about in last post. Monday was frustrating for bears and Tuesday was same for Bulls and here market is back to where it was on Friday , back again below 50 MA.
SPY still in bearish head & shoulder range pattern with 204 as major support and 208.54 as resistance . Many chop and shakes in between. A close over 208.54 negates the head & shoulder pattern and a break below 204 should test 200 MA, currently at 201.25 area. As far as trading this market, it is very tricky during this range bound consolidation.So be careful out there in terms of trading. Hit and run trading mode as long we are stuck in this range. Hopefully market will pick a direction soon. Technical odds favor bears(at least for short term) this time around, So will be watching to see if they can finally make a push down.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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