Tough day for the Bulls after the gap up was faded into close.
In 30 minute chart you can see that even with the gap up SPY could not make it past Monday high and was printing a bear flag with lower highs and higher lows. Once higher lows cracked below 192, it just gave up toward the close. If you were long , a break of 192 was cue to get out of longs .Typical bear market action is open strong and then close weak because sentiment is so negative that no one wants to hold stocks overnight. Bears in complete control so far, so use caution with longs ,chasing bounce and use your bear market trading strategies. Market is broken short and intermediate term, dip buying worked well for long until it stopped working.SPY needs to get back over that 9/20 EMA on 30 minuter time frame and close there for Bulls to get some footings. Market also needs help from China market. In Bear market it is not about how the market opens, it all depends on how market closes. Great times in chat room as we are booking all times highs in profits due to this volatility.
As far setups for tomorrow, there aren’t any daily setups left. Market is oversold but panic knows no support. Market might also get stuck between range within Monday Low and Tuesday high . If you are a new trader without any education, this is not the market to be in,If you are struggling with your trading or learn how to trade you need to join our 60 day Bootcamp course. 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 , take a free trial! Check them out here.
Follow me on Twitter @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.
