The SPY (S&P 500 ETF) has broke down below both price and moving average support. What's worse, it has done so on strong volume. Distribution (selling on high volume) is taking over. It's tough to find strong stocks, even in market and momentum leaders.
I am looking for a dead cat bounce in financials, steel and housing. This would provide for ideal short entries.
I am looking for a dead cat bounce in financials, steel and housing. This would provide for ideal short entries.
2 comments:
I made a few very short term trades that I'll post later in the day. I think we are set up for a bounce.
I was also stopped out of CROX.
Im getting some longs together for tomorrow I think we may see a good shortsqueeze.
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