My Swing Trading Approach
With the market popping in the pre-market, if it can hold on to the gains in the early morning trading, I will be looking to add 1-2 new positions to the portfolio.
Indicators
- VIX – Respectable bounce yesterday, but more than half of its gains were lost before the end of day.
- T2108 (% of stocks trading below their 40-day moving average): Down 2.6% yesterday to 69%. Overall, it is showing a slight trend higher, over the past week.
- Moving averages (SPX): Tested the 5-day moving average yesterday, but held strong and bounced hard.
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Industries to Watch Today
My Market Sentiment
Yesterday’s intraday sell-off showed the resiliency of this market in prime form. Breadth has not been great of late, and that will be one area that it will need to improve on, if this rally is going to be sustainable.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 5 long positions
Recent Stock Trade Notables:
- Fedex (FDX): Long at 250.00, sold at 269.80 for a 8% profit
- Abbvie (ABBV): Long at 100.12, sold at 104.33 for a 4.2% profit
- Hess (HES): Long at 48.50, sold at 53.42 for a 10.1% profit.
- Splunk (SPLK): Long at 83.11, sold at 88.10 for a 6% profit.
- Nvidia (NVDA): Long at 227.10, sold at 221.32 for a 2.5% loss.
- Square (SQ): Long at 40.41, sold at 41.16 for a 1.9% profit.
- Fifth Third Bancorp (FITB): Long at 30.92, sold at 31.80 for a 2.9% profit.
- US Steel (X): Long at 35.38, sold at 36.90 for a 4.3% profit.
