Rally continues in the market propelled by commodity, oil , financials and small caps.
SPY riding good old short term 8 EMA momentum moving averages. Next resistance at 206 zone. A break below 8 EMA area could change the momentum a bit as 200 test then comes into play. At this stage of the rally it is hard to find new longs. So i will be keeping an eye for any reversal action, given it's a Friday, market might see some profit taking , also we have option expiration on Friday.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 @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_38463" align="alignleft" width="800"]
AMZN Holding 200 MA. Watching for a trade either way. Long if 200 MA holds and short if 200 MA breaks.[/caption][caption id="attachment_38464" align="alignleft" width="800"]
CTRP China names, Range breakout watch.[/caption][caption id="attachment_38465" align="alignleft" width="800"]
TROX Chemical name. Strong sector, bull flag break out watch over 5.90.[/caption][caption id="attachment_38466" align="alignleft" width="800"]
TSLA Had “V” shaped rally to 200 MA, One more gap up and over 200 MA.I’ll be watching for a short .Only caveat , many eyes on it.[/caption][caption id="attachment_38470" align="alignleft" width="800"]
XLE Energy ETF approaching some resistance zone So keep an eye on energy names for short if reverses. ERY is the inverse ETF.[/caption][caption id="attachment_38467" align="alignleft" width="800"]
APC Oil name, approaching resistance zone. Keeping an eye for short on reversal.[/caption][caption id="attachment_38468" align="alignleft" width="800"]
SDRL One of the rare oil name, not participating in the rally. Could fade if oil weakens.[/caption][caption id="attachment_38469" align="alignleft" width="800"]
SM Our long idea has been working well but approaching resistance zone. Keeping an eye for short on reversal.[/caption]
