My Swing Trading Approach
Light is best right now. I have the flexibility here to get more long or to start adding short positions depending on what the market wants to do today.
Indicators
VIX – Afternoon spike kept its 6-day winning streak intact. Currently at 11.68.
T2108 (% of stocks trading below their 40-day moving average): Struggling to make any sustainable moves higher, but also holding strong despite some overall breadth concerns. Currently sitting at 61%.
Moving averages (SPX): Testing the 5-day moving average right out of the gate this morning.
Industries to Watch Today
Consumer Defensive led the way, followed by Consumer Cyclical and Industrials. Technology and Healthcare were the big losers on the market – both in need of a bounce here.
My Market Sentiment
The market has been resilient in the past with every dip getting immediately bought up. We may see more of the same today. However, Nasdaq is in a precarious situation, with a real possibility of rolling over.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
Recent Stock Trade Notables:
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