Digestion day for the Market after SPY had a big run off the lows and then hitting the trend line .
Few days gentle digestion would not be bad to setup some stocks again. SPY has a gap to fill and 20 MA at 195 and odd is it might fill that gap before we see any new highs. Big fade day in biotech names. Not your usual orderly pull back,even though IBB manged to close off the lows. I will be watching few bio names again tomorrow. Some of them sitting on dead support or cracked bear flag pattern and needs to bounce or next sell cycle should begin. Big rally in oil and gold miners stocks but most of those are really getting extended. I will be watching them for a fade soon. It has been a two way market for some times now.If your day trading it is important to day trade with specific setups and techniques for this type of market. You need to learn to day trade both ways long and short that is one of the keys to day trading when the market is under its major moving averages.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.
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