My Swing Trading Approach

I will look to be playing the bounce, should it hold through the first 30 minutes of trading today. I will only add 1-2 new positions depending on the strength of the market today.  

Indicators

  • Volatility Index (VIX) – A 9% pop yesterday, but the descending trend-line off of the 2/5 highs has yet to be breached. 
  • T2108 (% of stocks trading above their 40-day moving average): Despite yesterday’s sell-off, only a 1.9% decline. Still holding the trend-line off of the 2/6 lows. 
  • Moving averages (SPX): SPX broke the 10-day moving average, and poised to test the 20-day MA. 
  • RELATED: Patterns to Profits: Training Course

Sectors to Watch Today

Technology is an absolute dumpster fire right now. The Nasdaq by itself is down 303 points over the last three trading sessions. Due for a bounce for sure – and may be worth playing here. Energy continues to trend higher. Some declining resistance off of the May highs. Real Estate barely holding on to a bull flag pattern. Financials bull flagging over the last four trading sessions. Holding up very well in the current market environment. Staples has pulled back to the breakout level. 
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My Market Sentiment

Another hard pullback yesterday that took SPX back to the 2801 price level and held it, barely, into the close. Essentially, a pullback of any kind would break this level going forward, so today is critical that it bounces higher. Otherwise, it risks a pullback to the rising trend-line off of the May 3rd lows, which currently sits at 2747.0

S&P 500 Technical Analysis

swing trading strategy report 254

Current Stock Trading Portfolio Balance

  • 2 Long Positions

Recent Stock Trades – See My Past Performance Here. 

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