Stock Market has yet to see anyone even remotely try and buy the dip
There isn’t insane volume sweeping the market today, like what we saw back in February, but the extent of this sell-off is quite extreme, especially for one day. There is plenty of news headlines hitting the market hard today, which is no doubt causing problems. But overall, the fear associated with this sell-off, is nothing like what we saw just two months ago.
With that, SPX is targeting a close, currently below the February Lows
But the biggest news, from a technical standpoint lies with the 200-day moving average being broken on SPX. Every time previously, we have bounced hard off of this intraday level, but not today. Instead SPX sliced right through it when it was tested.
I’ve posted my long setups below. Some of them are hurting right now, but should this market turn things around, there is an opportunity for them.
As it stands now, I’m not adding any trades to the portfolio. Right now it amounts to catching that falling knife, and there is no reason to even try at this point.
Here’s the watch-list:
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
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That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
When you have a profitable trade, what do you do with the money that was earned on the swing trade? Do you re-invest it in another new position immediately, or do you cash out the gains for personal use, or perhaps even transfer it to a long-term account? In this podcast episode, Ryan tackles the question of making the next-right decision in one’s trading and resisting the urge to have to “do-something” with the profits earned.
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