Choppy , sloppy bounce in the Market. If you followed SPY 30 minute chart from the previous blog, it was easier to navigate the market last 2 days.
As you can see from 30 minute chart, that stair stepping down trend finally was broken up on Monday once SPY broke out of the down trend line. If you follow me on Twitter , I posted this live,
If you added some long and held some overnight, nice reward via Tuesday morning gap and we sold most of the longs into the gap.
Things became choppy after the open that but SPY manged to make a lower high and was able turn around and close green for the day. Market still has many resistance on top but If oil holds 30 , there might be a shot for some more upside. As for tomorrow , i will be watching some oil names, Tuesday's panic sell in oil and price below psychological 30 level and reverse back might have been short term exhaustion down move. Biotech also has been beaten to death, so i will be watching few bio names as well. A break below 191 in SPY should bring back the bears again so keep an open mind and trade the price action. Now more than ever , you need to learn how to be profitable trader in any Market by If you are struggling with your trading or learn how to trade you need to joining 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 @szamanCheck out our newest Offering "Bulls Vision" ! A brand new screen share product! See through the eyes of @kunal00 while he trades live everyday.[caption id="attachment_37439" align="alignleft" width="800"]
ADMS 20 MA acting as support on this .Watching for a range break either way.[/caption][caption id="attachment_37440" align="alignleft" width="800"]
BCEI Oil name.Exhaustion selling type of move. Watching for a bounce.[/caption][caption id="attachment_37446" align="alignleft" width="800"]
WLL Oil name.Exhaustion selling type of move. Watching for a bounce.[/caption][caption id="attachment_37441" align="alignleft" width="800"]
LABU Biotech Inverse ETF. Could be in play on a red to green type move.[/caption][caption id="attachment_37442" align="alignleft" width="800"]
NFLX Stalling at 50 MA. Could be traded either way based on market direction.[/caption][caption id="attachment_37443" align="alignleft" width="800"]
NHTC Rubber band snap back dead cat bounce watch over 19.80 area.[/caption][caption id="attachment_37444" align="alignleft" width="800"]
SCTY Filled the gap,now watching for quick bounce. If doesn’t hold 100 and 200 MA next.[/caption][caption id="attachment_37445" align="alignleft" width="800"]
TNA Small cap Inverse ETF. Reversal candle , could be in play long on intraday setup over 50.[/caption]
