My Swing Trading Approach

Some resistance lingering overhead that I note below, and providing issues for the overall stock market. I will consider adding another position to the portfolio today, but won’t allow myself to stretch too far out. I will look to protect profits on existing positions as my #1 priority. 

Indicators

  • VIX – Fell for a fourth straight day, but the extent of the sell-off has not been overly strong.
  • T2108 (% of stocks trading below their 40-day moving average): Small rally, despite SPX finishing lower. Strength in the small caps yesterday helped. Possible break of the April highs today. Overall a very bullish chart. 
  • Moving averages (SPX): Held the 5, 10, and 20-day moving averages yesterday, but rejected at the 50-day MA.
  • Industries to Watch Today

    • Industrials was the market’s big winner yesterday and pushing through some heavy resistance. It was followed by Energy and Technology. Utilities breaking down in a big way yesterday, with investors fleeing the sector. 

    My Market Sentiment

    With Trump pulling out of the Iran deal, the market rallied with oil off of the lows, but still finished lower, overall. The downtrend off of the January highs should pose some resistance today on the market rally, and of course the 50-day moving average as well. 

    S&P 500 Technical Analysis

    Current Stock Trading Portfolio Balance

  • 5 Long Positions
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