My Swing Trading Approach
I closed out my position in Netflix (NFLX) yesterday at $358.78 for a +3.6% profit, while also decreasing dramatically the overall long exposure, and increasing my short exposure. I will watch the early morning action to determine which side of the trade I want to add more to. If it can’t be determined, I’ll do nothing.
Sectors to Watch Today
Utilities paving the way for a burst higher and out of consolidation from the past two weeks. Materials were strong yesterday but overall the sector remains weak with continued lower-highs on the daily chart. Energy remains in a sideways trading pattern. Industrials perhaps the strongest sector of the month so far. Technology and Discretionary have put in very concerning candles yesterday to potentially establish a lower-high here.
My Market Sentiment
The bulls appear to be losing some of its grip following yesterday’s sell-off, and broad based profit taking in the tech sector. Most of your momentum stocks saw large losses as well.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
1 Long Position, 1 Short Position