The market has been pulling back for over a week, and many names are getting really oversold. A lot of indicators have cycled down as well. With the SPY coming into the Daily 50 SMA, I would look for a bounce. But be wary. I am only looking for a bounce, not a resumption of the long trend. And it would be perfectly reasonable to have the SPY eventually dip below its Daily 50 SMA.
As we wait to see if we head higher or lower after this bounce, keep up to date with some of the trades I’m taking on my Twitter. Click here to become a Moxie Indicator™ Mastery Program member, and don’t miss out on moves in the market just like this! Join us as we track the profit opportunities.
Your Profit Pilot,
TG Watkins.
