Interesting day in the Market, after 3 days of rally, market gapped up and failed at that trend line.It is not unusual to see a mild pullback/resting but the sell off today was rather violent.
SPY closed below all major 20, 50 and 200 day moving averages and has the look of a bear flag now. Not the ideal scenario that Bulls wanted to see. Next support is on 100 MA, 203 area. Bulls needs to defend that area else chart will look bearish again. Slim picking for Friday. Solar stocks had a great run and we started some shorts at open during the gap euphoria phase on Thursday with some decent gains. I will be watching them again for quick shorts. Learn how to trade our way for high reward and low risk , 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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