My Swing Trading Approach

If today’s bounce holds, I will look to add 2-3 new positions to the portfolio. 

Indicators

VIX – Only higher by 0.6%. Nasty intraday sell-off that went from over 13, back down to 11.23. 

T2108 (% of stocks trading below their 40-day moving average): Dropped 9% to 57% – this is a big concern for the market. 

Moving averages (SPX): SPX broke the 5 and 10-day moving averages yesterday, but bounced off of the 20-day. 

RELATED: Patterns to Profits: An Intro Trading Course

Industries to Watch Today

Consumer Defensive rolling over, Health Care sporting a double top, Energy still very bearish, while Technology and Industrials are still exhibiting strength on their charts. 

My Market Sentiment

Looking like we are going to bounce in a similar fashion, following last Thursday’s sell-off. That’s the game plan for now. 

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

• 2 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.