SPY and DIA slice through 50 day Moving Averages to the downside
The markets are tanking hard today. Both the DIA and SPY are now below their 50 day Moving Averages. Look to play the bounce near the 200 day moving average.
This is a big techincal "oh shit we are going to tank" signal. However consider it's all around the Dow Jones almost Flat thanks to Argentina.
Thus we could have a nice bounce tomorrow should the news subside over Argentina. Could this finally prompt a correction we have all been waiting for?
Most likely it is the first option. Happy trading.
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