My Swing Trading Approach
Playing it cautious for now, as I am willing to get short again if this bounce dies out. Maintaining my long positions for now.
VIX – Third straight day of declines. Just like what we saw in May when it spiked to similar levels.
T2108 (% of stocks trading below their 40-day moving average) – Divergence as SPX was flat, T2108 was down nearly 7% at 39%.
Moving averages (SPX): 10 and 20-day moving averages continues to provide resistance for price.
Industries to Watch Today
Semiconductors have shown some life of late, defintely worth watching. Not a lot of life in Industrials, in fact you can say it is leaning bearish, however, packaging and trucking have had some solid opportunities of late.. Utilities still on fire. Financials decent. Biotech is bearish for now.
RELATED: Stocks to Watch: HFC TRN AMGN
My Market Sentiment
The 30 minute chart of SPX is concerning to me as the recent bounce is stalling at key resistance. Today’s pre-market strength could go a long ways in pushing through that resistance.
Large caps > Small caps.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance:
- 2 long positions
Recent Stock Trade Notables:
- First Solar (FSLR): Long at $48.07, sold at 49.10 for a 2.1% profit.
- Facebook (FB): Short at $168.31, covered at $170.62 for a 1.3% loss.
- SDS: Long at $49.81, closed at $48.88 for a 1.8% loss.
- SPXU: Long at $14.51, closed at $15.25 for a 5.1% profit.
- Zayo Group (ZAYO): Long at 32.91, closed at 33.83 for a 2.8% profit.
- JP Morgan Chase (JPM): Long at $94.91, closed at $93.83 for a 1.1% loss.
- Bank of America (BAC): Long at $24.48, closed at $25.01 for a 2.2% profit.
- Alibaba Group (BABA): Long at $151.69, closed at $153.43 for a 1.2% profit.
- Salesforce (CRM): Long at $90.86, closed at $89.43 for a 1.5% loss.
- Autodesk (ADSK): Long at $106.45, closed at $111.34 for a 4.6% profit.
- Bank of America (BAC): Long at $23.99, closed at $24.23 for a 1% profit.
- IBB: Long at $313.18, closed at $324.25 for a 3.5% profit.
- SPXU: Long at $14.82, closed at $14.58 for a 1.6% loss.
- Alibaba Group (BABA): Long at $143.65, closed at $150.40 for a 4.7% profit.
- American Airlines (AAL): Long at $49.26, closed at $51.84 for a 5.2% profit
- Intel (INTC) Short at $35.21, covered at $34.46 for a 2.1% profit.
- Nvdia (NVDA): Long at $155.57, closed at $157.53 for a 1.3% profit.
- IBB: Long at $298.24, closed at $303.74 for a 1.8% profit.
- SPXU: Long at $15.68, closed at $15.25 for a 2.7% loss.
- Whirlpool (WHR): Long at $190.46, closed at $195.19 for a 2.5% profit.
- Ferrari (RACE): Long at $84.60, closed at $89.93 for a 6.3% profit.
- Amazon (AMZN): Long at $964.70, closed at $1001.23 for a 3.8% profit.
- American Airlines (AAL): Long at $49.18, closed at $50.62 for a 2.9% profit
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.