My Swing Trading Strategy
I added two long positions yesterday, and will look to add one or two more if the bulls can sustain yesterday’s breakout.
Indicators
- Volatility Index (VIX) – Declines in five of the last six sessions, and now sits at 13.4 following yesterday’s 2.3% decline. Expect, in the near-term, a test of the March lows.
- T2108 (% of stocks trading above their 40-day moving average): T2108 got moving again finally with a 16% rally to take the indicator back to 61%. Plenty of room for this indicator to run as it is nowhere near overbought.
- Moving averages (SPX): Trading above all the major moving averages.
- RELATED: Patterns to Profits: Training Course
Sectors to Watch Today
Financials were the big winner yesterday, rallying as a whole, 2.1% higher. Big banks soared. I laid off the sector, as there is a lot of overhead resistance on the individual bank stocks and the sector has been filled with disappointment so far in 2019. Industrials broke above its February highs. Technology appears ready to test its all-time highs, established last month. Utilities look to take a spill if this market continues to surge higher.
My Market Sentiment
The bulls regained control of the market yesterday and made mute the 54 point sell off on SPX back on March 22nd. Now the bulls appear poised to challenge all-time highs yet again, not today, but in the weeks to come.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 20% Long.
