My Swing Trading Approach
Like yesterday, I am not opposed to adding additional positions to the portfolio, but I need to see that the market wants to break out of the consolidation – because so far I have yest to see it. As a result, a more conservative approach is necessary, until the breakout happens.
Indicators
- VIX – Hard sell-off yesterday. Despite the opening strength, it sold off all day long. Still remains in consolidation.
- T2108 (% of stocks trading below their 40-day moving average): Back above 66% and sitting right on resistance. Today will be key for the indicator to push higher, and bring the market with it.
- Moving averages (SPX): Reclaimed the 5-day and 10-day moving averages intraday. Still trading above all the major moving averages.
- RELATED: Patterns to Profits: Free Training Course
Industries to Watch Today
Real Estate sector is coming alive, while Technology is exhibiting an enticing bull flag pattern. Discretionary steadily pushes higher, bit-by-bit. Healthcare appears poised for a breakout of consolidation in the near future – similar case with Financials.
My Market Sentiment
Strong rally off of the lows of the day, yesterday. Futures are opening up again with some weakness. Expect continued choppiness until the market can breakout or breakdown out of the current trading range.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 3 Long Positions
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.