Ugly action continues in the market after that 30 minute chart range breakdown on Wednesday.
SPY tested weekly horizontal support 270 area. Needs to close the week over 274, 50 MA on weekly chart.
QQQ broke 200 MA, needs get over and stay over 200 MA again. On 15 minute chart 20 EMA acts as resistance. Needs to get over and stay over 20 EMA/15 minute for a bounce.
Extreme oversold market and we could have a relief bounce soon. However i doubt it will be an easy uptrend from here this time around. Way too many damaged charts and no leadership stocks left. Slim picking for tomorrow. I will be mostly watching index ETF like TQQQ, TNA , SVXY. Again it is extremely volatile out. This is the type of market that can blow your account. Unless you know what are you doing, just sit it out! Let things settle down!
If you are struggling with your trading or learn how to trade you need to check out our trading courses. 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 Check them out here.
Follow me on Twitter for real time trading setups@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.