Big “V” shaped rally in the market after huge sell off, catching many late shorts off guard. As i wrote in the last blog “SPY needs to get back over that 9/20  EMA on 30 minute time frame and close there for Bulls to get some footings.” Bulls manged to close the SPY over both 9/20 EMA on 30 minute chart on Wednesday.

spy
And a nice follow through on Thursday by Bulls with a gap up and go day.  After this “V” shaped rally market needs some basing action to create new setups. Market hitting some overhead resistance here, so i will be focusing on some quick day trading shorts. Technology stocks came a long way since Monday and you can see QQQ has over head resistance at 200 MA.

qqq

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AMBA Setting up a bear flag below 95. Over 95 it has 100 MA and gap fill resistance at 97.Keeping an eye for day trade short setup.

AMBA Setting up a bear flag below 95. Over 95 it has 100 MA and gap fill resistance at 97.Keeping an eye for day trade short setup.
MBLY 50 MA resistance now. 20 MA 58.25 is the next resistance. Keeping an eye for day trade short setup.

MBLY 50 MA resistance now. 20 MA 58.25 is the next resistance. Keeping an eye for day trade short setup.
NFLX Closed right at resistance. Stalking for a day trade short setup. Ideally on a green to red type move.

NFLX Closed right at resistance. Stalking for a day trade short setup. Ideally on a green to red type move.
TREE Setting up a bear flag so far. Watching for a range break either way.

TREE Setting up a bear flag so far. Watching for a range break either way.
TSLA Closed right at resistance. 100 MA 247 area next resistance.Stalking for a day trade short setup. Ideally on a green to red type move.

TSLA Closed right at resistance. 100 MA 247 area next resistance.Stalking for a day trade short setup. Ideally on a green to red type move.