Small pullback in the market after SPY 100 MA was rejected.
I wrote on the last blog,”Short term resistance lies on 100 MA and previous support, 204 area. I will be keeping an eye on that level for a reversal”. SPY did exactly that. Still a mild variety pull back and in consolidation pattern. Bulls need to hold 200 area for short term momentum. Biotech continues to be the “Black Sheep” in the Market and looks terrible as it might just break down the bear flag. I will be watching few bio names in case they continue to weaken. Oil names holding the support zone so far, so i will be watching those for movements. It’s the earning season so i will be watching some earning plays for day trades. Consolidation action could be tricky for day traders. As a trader we need volatility, so take it easy out there as slow grind doesn’t offer big range for big 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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