Sell off day in the Market after another SPY failed attempt to take out the 50 MA on Monday.
Not surprising given how the action in many momentum names were deteriorating last couple of days. We have talked about this on last post, even on range bound market we had many actionable day trades last week but action on Friday and Monday was showing fatigue in many names. SPY has major support on 212,many eyes will be on that number so there is a possibility market might hit that number and overshoot below before any bounce. The other possibility is , market might get stuck in another range , SPY had that big down day back in September and it has been stuck in a range since that big down day.Ideally it would be nice to a follow through on this sell off but keep in mind , bears haven’t had much luck with follow through lately.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.
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