My Swing Trading Approach

Again, one or two new swing trades could be added to the portfolio today, assuming a bounce can be sustained at the open. Raise the stop-loss on existing positions where it makes sense. 

Indicators

VIX – Biggest spike since 9/5. 11% rise up to 11.07. Good chance the bears will pounce on this quickly yet again. 

T2108 (% of stocks trading below their 40-day moving average): Coming in at 63%, stocks have lost their mojo for 6 of the last 7 trading sessions. 

Moving averages (SPX): SPX closed on the 5-day moving average. Any weakness will break this MA, and possibly the 10-day MA. 

RELATED: Patterns to Profits: An Intro Trading Course

Industries to Watch Today

Utilities and Defensive were by far the best industries yesterday, while technology actually managed to hold up well. Energy continues to roll over – in slow motion. 

patterns to profits email

My Market Sentiment

Monday’s price action wasn’t good, not good at all. Determined to fill Friday’s gap up and in the process, establishing an ugly bearish engulfing candle pattern. Overall, minimal damage to the chart, but some caution is warranted here. 

S&P 500 Technical Analysis

swing trading strategy report 63

Current Stock Trading Portfolio Balance

  • 4 long positions

Recent Stock Trade Notables:

  • Lam Research (LRCX): Long at $185.23, sold at $192.24 for a 3.8% profit.
  • Starbucks (SBUX): Long at $55.59, sold at $54.94 for a 1.1% loss. 
  • 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. 

See my entire swing-trading past performance here. 

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