My Swing Trading Approach

I will look to add 1-2 new swing-trades this morning, if the market shows it can hold its lows and bounce higher. Otherwise, I will play it cautious and look to book gains while raising my stops. 

Indicators

  • VIX – Down for  fourth straight day, and may be finding some support in the 12’s here l
  • T2108 (% of stocks trading above their 40-day moving average): Breadth yesterday was poor, and that was reflected in T2108 with a 2% pullback. Resistance at 73% remains
  • Moving averages (SPX): 5-day moving average back above all the major moving averages today. Price is above all the major moving averages, though a test of the 5-day may occur today. 
  • RELATED: Patterns to Profits: Training Course

Sectors to Watch Today

Utilities staged a sharp rebound yesterday, while Energy strings together its third straight, solid rally. Technology lagged in a big way, and still causing fits for traders. I would continue to stay away from Financials particularly with the banks reporting, starting Friday. Discretionary remains in the middle of the pack with steady, consistent gains. 

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My Market Sentiment

Some caution here with the market having ripped lower on Trump’s $200b list of tariffs against the Chinese. The fact that he did this isn’t anything new, so there’s a good chance that the market will buy this dip early on. The market closed right at the March highs, after breaking the June highs yesterday. 

S&P 500 Technical Analysis

swing trading strategy report 240

Current Stock Trading Portfolio Balance

  • 4 Long Positions

Recent Stock Trades – See My Past Performance Here. 

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