Friday, October 20th, 2017

Bear attacks

Market opened today with a pre-configured setup and a manipulated well engineered move. The message was ” You have to trade down “. But the Bear Attack with a massive gap down opening didn’t last long. The worst hit was Technology sector $NDX and its components $AAPL, $BIDU and $AMZN. AAPL showed a nasty gap and the stock was pummeled to 248 before fund managers cried out, and buyers rushed in to hit the chips at low “bin price sale of the day” on AAPL and scooped up shares at 250 levels. Soon the market found traction and the gap was filled within an hour. $SPX struggled to hoist itself up to 1170 a critical level and a number that divides bullish and bear territories. Its also the place where 50 day moving average resides and a close above it will be in the bullish territory. Bear will try to push down here but any close above 1175 and a short covering rally will propel the markets higher. Here is a short video.

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