My Swing Trading Approach

I will be looking at adding 1-2 new positions to the portfolio today as long as the early morning strength can hold up. I will look to increase the stop-loss on all my profitable, existing positions. 

Indicators

  • VIX – Hard drop on Friday, takes the chart out of its 3-day consolidation pattern. A retest of the May lows is a strong possibility this week. 
  • T2108 (% of stocks trading below their 40-day moving average): Pushing higher, but not as much as you’d think on a day where the market as a whole rallied over 1%. Currently sits at 62%. 
  • Moving averages (SPX): Trading back above the 5, 10 and 20-day moving average. Potential for a 5/20-day downside crossover. 
  • RELATED: Patterns to Profits: Free Training Course

Industries to Watch Today

Monster breakout in Technology on Friday with a retest of its all-time highs in order here. Healthcare and Discretionary are showing positive breakouts while Energy is still deciding on how much of a bounce it wants to provide the market, and Financials’ overall chart shows a very top-heavy pattern. 
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My Market Sentiment

Such a huge move for SPX on Friday on average volume. Considering most of your rallies of late have been on sub-par volume, an average reading is quite encouraging. Still needs to break out of the trading range that it has been stuck in for the past three weeks, A potential gap up this morning may do the trick. 

S&P 500 Technical Analysis

swing trading strategy report 214

Current Stock Trading Portfolio Balance

  • 3 Long Positions

Recent Stock Trades – See My Past Performance Here. 

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