Not a good day for the bulls as the gap was faded all day in the market and it closed on low of the day.
Typical bear market action out there as you can see any rally attempt has been faded off. Many were hoping for 200 MA bounce and hold but SPY has been bouncing on and off 200 MA last 3 days that i don’t even think its relevant at this point.
Chinese stock had a bounce via overnight gap and most ran out of energy after hitting some resistance. Slim pickings out there as far as daily setup is concerned but i will be watching Chinese stocks again for direction and quick day trade both long and shorts. Not the easiest market environment , so do not over trade and chase longs, if you are not sure about a setup just sit out as there will be easier times to trade.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.
Also if you are interested in our trade alert services and chat room , take a free trial! Check them out here.
Follow me on Twitter @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.