Market finally broke down that bear flag pattern I posted on previous blog and reversed back as things quickly became oversold.
As far as resistance , nothing really has changed . SPY has resistance on top like 50 and 100 MA and trend line. As I have been warning in last posts, market still in bear territory so do not get comfortable with longs and trade fast.
Chinese stocks finally tried to make a stand after being beaten up to pieces for days now. We were trading the bounce in China names via YINN QIHU, YY ,DSKY , WBAI in chat room all day. China Bull etf YINN had a decent bounce off the lows intraday and I posted a long entry live on Twitter.
Almost $3 gain on YINN. Many followers took this trade, well done guys! I am still riding partial as this tends to gap overnight. I will be focusing again on China names to see if the bounce has any follow through. Ideally on a small red to green type move at open. They all have room to run on top before any resistance. 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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Chinese names tend to follow one another. WBAI, XNET , VNET, YY, WUBA few other China names also worth watching.