Gap up day in market but failed miserably on 20 MA and and previous resistance.
If you look at a 5 day chart of SPY, you can clearly see that gap ups have been fading lately.
Market still in bear territory, so easier trading has been shorting the gaps as we have doing in our chat room with some really nice gain with minimum risk. No reason to change the game plan that has been working so far. Market needs to prove itself and SPY now has clear resistance at 199.47 , short term support at 190.70 area and all chop in between which can produce some nice day trading opportunities. We are sticking to day trades only , shorting resistance and buying support. You only get so many opportunities during the year for a volatile day trading environment. It leads to some more stress as the losses can be magnified but if your day trading strategy is strong you can compensate and really get some amazing returns.
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