Tech Has The Most Strength, Semiconductors Are Setting Up Nicely As Well

My Swing Trading Approach

I’m choosing to stay flexible with my portfolio with a mixture of long and short setups. I don’t have a high degree of trust in this market, so maintaining the ability to flip the portfolio folio in either direction is key here.

Indicators

VIX – Same story every day – start higher, finish lower. Traded initially in the 14’s, and finished at 11.70.

T2108 (% of stocks trading below their 40-day moving average) – Breadth was poor yesterday with a 3% decline on the indicator and now only 37% of stocks trading above their 40-day MA.

Moving averages (SPX): Finished the day back above the 5 and 10-day moving averages, but the 50=day MA continues to provide resistance the last 5 trading sessions.

Industries to Watch Today

Tech has the most strength right now, semiconductors are setting up nicely as well. Media stocks are all setting up bullishly as well.

My Market Sentiment

The market only can make a significant move immediately following a sell-off like what we saw yesterday. Right now, the market simply isn’t moving in any one direction with any conviction.

S&P 500 Technical Analysis