SPY breach of 20 MA triggered sell signal Monday and follow through with gap down Tuesday.
Many tech names gave nice bounce trades after the gap down, specially semi conductor/chips names.However daily chart still in bears control. There are few possibilities here. Today’s low could be higher low for that we need to see 263.15 to hold or we test the low 259.80/260 and bounce or a complete break down below 259.80. I am keeping an open mind and will just trade price action as I see it. Once again, if you are an active trader, plenty opportunity both long and shorts. Amazing range both ways.
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.