Video: https://youtu.be/TJH8RLWL1_c*NEW* Mentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipThe market close up around 1.5% yesterday and continues to bounce premarket. More significant than the bounce is the fact that SPY and IWM are set to open above the 9ema. This is the first potential resistance clearance. Watch for this level to hold today. If it does, I may look to add a position, most likely and index ETF.Also keep watch of earnings trends. Lately strong earnings have been sold, but last night FB reported at best average earnings, and initially the reaction was poor, but premarket the stock is gapping up. This could signal a short term change in price action.I took profits in SQQQ yesterday and indications of a market bounce were showing up, and went long relative strength retail stock ULTA. This is an earnings pullback setup in a relative strength stock.Remember strong bounces are common in corrective markets. They only signal a potential shift in trend if they take out key resistance levels coupled with strong market breadth signals. Today we might have the first clearance, but for now we still look at this as a temporary oversold bounce and not a trend shift.*While I am bearish and expect more downside, the market can change on a dime. We really don't know what's going to happen. Also keep in mind that within corrective markets we often see powerful bounces. Trade small, don't get too aggressive and stay in protection mode.Potential Bounce List: TNA, TQQQ, SPXL, FANG stocks.Relative strength list: MCD, ULTA, ORLY, LULU, SBUX, BURL, WMT. KSS, CROX, TJX, TEAM, BKE, TWTR, CYBR, PAYC, UACurrent Positions: Took profits in SQQQ. Added ULTA.Today's video:
Please read the Education Archive and posts 23 Laws of the Part Time Swing Trading the Market Speculator Wayhttps://blog.bullsonwallstreet.com/23-laws-part-time-swing-trading-market-speculator-way/How To Use Swing Dashboard: https://blog.bullsonwallstreet.com/how-to-use-the-new-swing-trader-dashboard/Chat With Traders Interview: http://chatwithtraders.com/ep-058-paul-singh/29 Essential Trading Posts: https://blog.bullsonwallstreet.com/29-essential-swing-trading-posts-2016/New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter(www.twitter.com/PaulJSingh)