Big bounce in the market after 200 MA was held again on higher low.
For Bulls case, gap was filled and 200 MA is holding yet again, now it needs get over 20/50 MA resistance and continue higher. For bears, still a bear flag below 50 MA and next tap down through 200 MA might get some selling momentum.
Leading sector, biotech had a nice bounce on 50 MA. Some bio names were holding up really well during sell off, so I will be focusing on bio names again to see if we get some continuation for day trading. 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 day 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.