My Swing Trading Approach
I will be watching to see how the 20-day moving average is holding up today. If it does hold, it will likely be a good opportunity to buy the dip. Otherwise, if it slices right through it, I will stand by. Ideal shorting opportunities going forward should come from a failed market bounce, not shorting here at the recent lows. Risk/reward is very unfavorable at current price levels.
Indicators
Industries to Watch Today
Surprisingly, Real Estate showed the most life to it. Energy looks like it could be a real problem again, while Industrials are trading just a bove a key, short-term support level that if broken, could see a 4-6% pullback.
My Market Sentiment
Only Energy and Financials managed to trade higher yesterday. The former sector’s chart still looks quite problematic, while the latter is still holding strong. Critical for Industrials to hold it together here today, other wise risk a rollover on its daily chart. Consumer Cyclical should get a boost today out of Amazon’s earnings.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
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