My Swing Trading Approach
I have one long position coming into today. I covered my short position yesterday on SPY for a 3.1% profit. Looking to add additional long positions, as the market allows for, today.
- VIX – Just a -1% move yesterday. A lot of chop in this indicator. At this point, no clear direction.
- T2108 (% of stocks trading below their 40-day moving average): Potential here to see a new higher-low established and push back over the 55% mark.
- Moving averages (SPX): Held the 200-day moving average but nothing else. Look for a test of the 20-day today, and 5-day moving average as well.
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Industries to Watch Today
Energy led the way today, but they have a lot of earnings coming out, which could shake up the industry. Technology poised for a big bounce following Facebook (FB) earnings.
My Market Sentiment
The 200-day moving average held, which was a big deal for the market yesterday. Now, the issue becomes, can it follow through today, and early indications suggest it wants to.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 1 Long Position