SPX Continues To Struggle

My Swing Trading Approach

I’m not overly crazy about adding additional long exposure at this point. At most I’ll add 1-2 new positions, and likely at the expense of subtracting an existing position from the portfolio.

Indicators

VIX – Bounced higher by 2.6% to 10.18. Second straight day of gains.

T2108 (% of stocks trading below their 40-day moving average): Declined for a second straight day, dropping 2% down to 57%. Another notable bearish divergence that has formed.

Moving averages (SPX): Currently trading above all major moving averages.

Industries to Watch Today

Basic Materials continuing to romp higher. Healthcare coming up on major resistance. Defensive breaking out of its coil as is Industrials. Utilities could see a 2-3% pullback here.

My Market Sentiment

SPX continues to struggle with holding intraday gains into the close. Mornings open up strong, while the afternoons trade weaker. Breadth remains a huge problem for the market as well.

S&P 500 Technical Analysis