Flat day in the market after SPY broke out over that downtrend line and physiological 200 mark.
Next resistance at 203, 204 and 206. SPY 204 and 206 area has big overhead supply/resistance so there might be some choppy trading zone up there after the big run market had. Gap to 195.40 still hasn’t filled so any weakness should fill that gap. Oil and commodities stocks still remain strong even though they are getting overbought and at some overhead resistance. We have been shoring them for day trade with small gains but no big crack yet. I am still stalking some oil names for a short term crack soon. Biotech sector still in pause mode,will likely find a direction soon. Oil and biotech sometimes tend to have inverse relationship, so if oil pulls back , we might see some run on some biotech names. This type of 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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