The Market Making New All-Time Highs On A Daily Basis

My Swing Trading Approach

I will look to add 1-2 new long positions to the portfolio should the market conditions cooperate. I will also consider adding a short position as well to hedge against a potential pullback.

Indicators

VIX – 2% pop yesterday, but most of its gains were wiped out.

T2108 (% of stocks trading below their 40-day moving average): Fell 3.4% to 51%. Despite the market making new all time highs on a daily basis, only 51% of stocks are trading above their 40-day MA.

Moving averages (SPX): Trading above all the moving averages.

Industries to Watch Today

Only Utilities and Consumer Defensive were traded higher. Two sectors that traders tend to flock to when becoming concerned about market conditions.

My Market Sentiment

I’m not expecting any major moves out of the market here. Some consolidation followed by incremental moves.

S&P 500 Technical Analysis