Gap down day in the market but bulls couldn’t wait to buy the dips on SPY off our short term momentum moving average 8 EMA.
Given the action, market looks to test or breakout the highs. As i have been mentioning,market has been in a range for a long time, if market finally starts moving, we might see some chasing and short squeeze which in turn should propel the market higher.At the same time it just could be another breakout and fade, so as a short term trader, I’ll be keeping an open mind and trade what i see based on price action. SPY support now is on 8 EMA 208.89 and resistance at 210.69 and 210.92. As far as daily setup , i am seeing many extended , grind up charts.Finding few setups that has good risk/reward entries, so i will be focusing on few non extended charts.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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