My Swing Trading Approach

Stocks have rallied for a good three days, at this point, I want to move my stops up while being careful about how much additional exposure I take on right here. 

Indicators

VIX – The sacredness of a sub-10 reading has lost its thrill and become more of a normal reading of late. Possible to see a move below 9 today, if the rally continues, though the chances of a bounce is very strong here. 

T2108 (% of stocks trading below their 40-day moving average): Moved 3% to 60%. The indicator is improving, but notably lower than its October highs. 

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

Industries to Watch Today

Basic Materials appears to be in a longer-term sideways channel. Defensive is trading with a bull flag pattern. Financials remain solid as well and hold a similar charting pattern to the industrials.

My Market Sentiment

The bounce we are seeing over the last three days is legit – ride it as high as it will go. If it can take out intraday all-time highs, there would be no significant, identifiable resistance overhead.  

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

  • 6 long positions
  • Recent Stock Trade Notables:

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