Not A Huge Move

My Swing Trading Approach

I may add another position to the portfolio today. I will also moveup my stops to protect my profits on existing positions.

Indicators

VIX – Not a huge move. I would have expected more out of it yesterday. Instead it only popped 5.3% to 10.03. I suspect the bears will pounce on it soon.

T2108 (% of stocks trading below their 40-day moving average): Sharpe 7.6% correction down to 60%

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

Industries to Watch Today

Every industry was down yesterday. A rarity for this market. Real Estate and Utilities among the worst, with the former exhibiting a sharp reversal off of its highs, and the latter in full roll over mode, and looking prime for more downside. Energy going nowhere fast, but all other industries remain in great shape.

My Market Sentiment

Yesterday’s price action completed a bearish engulfing candle pattern over a two-day period. But the trend of late has been to quickly nullify any bearish pattern of sorts.

S&P 500 Technical Analysis