My Swing Trading Approach
There will be a substantial bounce to play at some point in the future. I will sit on the sidelines until that time is unveiled.
Indicators
- VIX – Biggest move yesterday in the history of the indicator, rallying 115% to 37.32. The move higher is likely to continue into today.
- T2108 (% of stocks trading below their 40-day moving average): Extreme oversold reading on T2108 with a 49% decline, and 19.4 reading.
- Moving averages (SPX): 50-day moving average was sliced right through. Now the 200-day MA is in play.
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Industries to Watch Today
Nothing was spared after yesterday’s sell-off. Each sector saw losses ranging between 2% and 4.1%. Each sector is sporting a broken chart.
My Market Sentiment
There’s no doubt the market is extremely oversold. A massive market bounce is coming. It is a matter of “when” that perplexes traders. Wait for the bounce to start unfolding before making your move. For now, this market could easily continue its meltdown.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 1 long positions