My Swing Trading Approach

I booked profits in Adobe (ADBE) at $267.00 for a 2.9% profit yesterday, while also adding another tech stock to the portfolio. I am open to adding more positions today should the market continue on its current bounce of the last two days. 

Indicators

  • Volatility Index (VIX) – Dropped another 6.6% yesterday, down to 13.22. Looking for a move towards the lower 12’s, where support lies. 
  • T2108 (% of stocks trading above their 40-day moving average): Minor bounce yesterday. Key support lies at 44-45%. 
  • Moving averages (SPX): Immediately bounced hard off of the 20-day moving average yesterday, and recaptured the 5-day moving average while testing the 10-day MA. 
  • RELATED: Patterns to Profits: Training Course

Sectors to Watch Today

Energy was the day’s big winner Big bounce following a test on Friday of key support. Still in a sideways trading pattern, and would continue to avoid at this point. Technology continues to bounce off of the rising trend line off of the June lows. Discretionary showing signs of life once again. Staples hasn’t really gone anywhere in the last couple of months, and don’t see a ton of opportunities there, outside of Walmart (WMT). Solid bull flag in Industrials to keep watching. 
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My Market Sentiment

Bulls bouncing off of support here, however, some growing concern for a bearish wedge forming over the +4 months. Important here that the bulls follow through yesterday’s bounce off the rising trend-line from the June lows. 

S&P 500 Technical Analysis

swing trading strategy report 284

Current Stock Trading Portfolio Balance

  • 3 Long Positions

Recent Stock Trades – See My Past Performance Here. 

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