Watch SPY to break the neckline of a head and shoulders pattern. If SPY closes below this line then look for shorting opportunities. SPY could fall to 200 EMA before recovering. This will take many other stocks down too so look to be neutral in any position or shore up your stop loss orders.
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Do you know your trading IQ? I call it your "TRQ." Learn to trade with uncertainty in the markets and discover what hundreds of other traders have discovered. I've created an online test...its FREE and the results will surprise you.
Take the test here: www.tradertraininghq.com/test.php