Another red day in SPY but it’s not really showing the damages because of the strength in oil and bank names while tech and bio names were beaten down hard.
SPY managed to hold support zone, if breaks, next support is 20 MA. Massive sector rotation happening in the market as we saw bio and tech got clobbered and money poured into oil and bank names. So watch the sectors charts closely intraday to stay on the right side of the trade. Tech and bio needs to bounce soon for healthy market action as oil and bank wouldn’t be able to hold market up.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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