Failed break out move turned into a fast breakdown move. Ugly day for stocks and some major technical damages across the board.
SPY closed below 50 MA. Has a gap to fill around 242.50.Worrisome thing for the market was lack of usual dip buyers Thursday and relentless sell of all and closed low of the day.
Small cap index IWM has been canary bird as it has been under performing for a while now.However , 200 MA is close by and potential bounce.
Game plan for Friday, if another red open, I will try few longs with tight stops. If market open green, watching 50 MA on SPY and QQQ. If 50 MA acts as resistance, I’ll try some shorts.
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