My Swing Trading Approach

I would like more price action from this market, but I can’t force that. I have to wait for that to happen, and to place my trades accordingly. Right now, I don’t want to add additional long exposure, until this market can put together a decent breakout to the upside. 

Indicators

VIX – Not surprising to see it take a hit, since volatility was completely absent from the market on Friday. 

T2108 (% of stocks trading below their 40-day moving average): Dropped a small amount to 72%. Some profit taking of late, but nothing major. 

Moving averages (SPX): 5-day moving average has flat lined, while all the other MA’s are still trending higher. That means short-term the market is non-directional, while the mid-to-long-term time frames are trending higher.  

RELATED: Patterns to Profits: An Intro Trading Course

Industries to Watch Today

Basic Materials led the way on Friday – very strong! Technology saw strength as well, but no where near to the same extent. Health Care and Utilities were the big losers. 

My Market Sentiment

Lots of consolidation in the short-term making this market non-directional. Once SPX breaks out in one direction or the other, I can be more aggressive to either the long or short side. For now I’ll lean bullish, because that still remains the long-term trend of this market.  

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

• 6 long positions

Recent Stock Trade Notables:

• Illinois Tool Works (ITW): Long at $148.63, sold at $151.23 for a 1.8% profit.
• Nvdia (NVDA): Long at $180.18, sold at $187.38 for a 4% profit. 
• Olin Corp (OLN): Long at $34.37, sold at $36.14 for a 5.2% profit.
• Lowe’s (LOW): Long at $77.97, sold at $81.52 for a 4.6% profit
• IBB: Long at $330.91, sold at $338.25 for a 2.2% profit. 
• Seagate Technologies (STX): Long at $34.35, sold at $33.89 for a 1.3% loss. 
• Wynn Resorts (WYNN): Long at $149.65, sold at $147.14 for a 1.7% loss. 
• Imax Corp (IMAX): Long at $23.03, sold at 22.26 for a 3.3% loss. 
• Marriott International (MAR): Long at $106.26, sold at $108.26 for a 1.9% profit. 
• Alibaba Group (BABA): Long at $170.63, sold at $170.29 for a 5.0% profit. 
• Workday (WDAY): Long at $106.91, sold at $104.90 for a 1.8% loss. 
• Nvdia (NVDA): Long at $170.45, sold at $187.94 for a 10.3% profit. 
• Tyco Connectivity (TEL): Long at $80.15, sold at 82.58 for a 3% profit. 
• Netflix (NFLX): Long at 177.75, sold at 182.30 for a 2.6% profit. 
• Micron (MU): Long at $31.12, sold at $31.94 for a 2.6% profit. 
• WYNN Resorts (WYNN): Long at 138.20, sold at $141.37 for a 2.3% profit. 
• Netflix (NFLX): Long at $168.69, sold at $173.06 for a 3% profit. 
• PSQ: Long at $39.28, sold at $38.34 for a 2.3% loss. 
• SPXU: Long at $14.68, sold at $15.42 for a 5.0% profit.
• Tesla (TSLA): Long at 365.09, sold at 356.15 for a 2.4% loss. 
• United Parcel Service (UPS): Long at 113.58, sold at $114.74 for a 1% profit.
• 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, sold at $48.88 for a 1.8% loss. 
• SPXU: Long at $14.51, sold at $15.25 for a 5.1% profit.
• Zayo Group (ZAYO): Long at 32.91, sold at 33.83 for a 2.8% profit. 
• JP Morgan Chase (JPM): Long at $94.91, sold at $93.83 for a 1.1% loss.
• Bank of America (BAC): Long at $24.48, sold at $25.01 for a 2.2% profit. 
• Alibaba Group (BABA): Long at $151.69, sold at $153.43 for a 1.2% profit. 

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