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Market Update

SPY broke back below the 50 SMA on the daily charts. The present a strong opportunity for SPY to trade lower possibly breaking below the 107.00 level to test late July lows of 105.82. With the scenario of the market trading lower, I will look to trade the financial and technology sectors, which has been weak recent trading. Specifically looking at WFC (Wells Fargo) to continue its weak price action which broke and held a key support level at 24.60 on the daily charts.

Tomorrow is options expiration which has a high chance of creating a lot of sideways or choppy price action. It is important to follow your pre-market plans and not change your trade ideas for quick momentum move.

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Categories: Chart Talk
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