Everyone has been talking about the bearishness of the market lately, with the 2 long red candles coupled with high volume.

That 2 candles undoubtedly has done some critical damage to the technical view. Some important support has been breached.

I'm still not quite sure on the direction of the market.

But seems like the SPY is currently sitting right on top of the support trend line(light green).

The last time SPY penetrated the 50MA in Nov, it sprung off upwards. Will the same thing happen this time? Honestly, I don't know.

 

But I'm just following my game plan.

And thus, I'll be still watching for LONG entry on PCYC tonight, anticipating for an upwards bounce. 

 

3.89,4,4.11,4.22,4.33,4.44,4.55,4.66,4.77,4.88,4.99,5.1,

- Light volume on pullback
- doji, followed by a hammer yesterday
- nice risk:reward.

 

 

PAC wasn't that lucky, and got stopped out last night.