Nice day for bulls as they finally were able close SPY over that downtrend line and physiological 200 mark.
Next resistance at 203, 204 and 206. At the same time, market getting a bit overbought so a fade is also a possibility. Gap to 195.40 still hasn’t filled so any weakness should fill that gap. I am still watching some oil and commodity names for fade, they are getting extremely overbought. It doesn’t meant that they can not go higher but risk reward favors a fade after the big run. Biotech stocks hanging on a thread , we should see some direction soon on that sector. Slow grind type action isn’t the best action for day traders, so little volatility would be great for some day trades .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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