Red day in the market as SPY hit the top channel of the broadening pattern and backed off. Spy has support at 50 MA and bottom channel of that pattern. We are basically stuck in a big range.
Small cap IWM still the laggard as it is about to break down below 50 and 200 MA. As far as individual stock setups are concern, there are not much out there . If i had to make a guess where market was just by looking at stocks charts of my list, I would have never guessed market was at highs. What a mess! This divergent in individual stocks and Indices might catch up son one way or other. Market looks tired and ideally a flush here would set some chart nicely. 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.
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Check out how we day traded BABA IPO in the chat room.
