SPY expected pull at 20 MA resistance. Again easiest part of the bounce is done.Now comes the hard part, does the market bases here for higher into next resistance? Does it form a bear flag, double bottom or “W” shape bottom ? or breaks down again following the bearish trend? Ideally bulls want to see some consolidation here and then remount of 20 MA to next resistance 270 area. SPY needs hold 8 EMA followed by 246/ 240 area and build. A break below might test or violate the recent low.
Business as usual for active day traders, buy ETF’s or liquid stocks at intra day hard selloff for scalp, red to green ,green to red,sell/short the rips with defined risk/reward in mind.
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6 Seats Left in Our Next Live Trading Bootcamp!
Our next Live Trading Bootcamp is around the corner! Only 6 seats left, and space will fill up fast! Learn the trading strategies we have been using for the past two decades.
