Technical Outlook:
- Friday’s price action on the S&P 500 (SPX) came back with a strong bearish engulfing candle pattern.
- The price action of the last two weeks has gone absolutely nowhere. SPX is trading in a triangle range that continues to narrow, and with Friday’s price action, broke down and below the lower trend-line.
- Volume on SPDRs S&P 500 (SPY) increased on Friday and was above recent averages.
- The rising trend-line from the February lows is setting up for a possible test. Currently it is sitting at 2143.
- CBOE Market Volatility Index (VIX) bounced perfectly off of the rising trend line from the August lows. Despite this, the VIX can not sustain any intraday moves and instead gives much of its gains each time there is a rally on the VIX.
- Crude (/CL) continues to march higher, much of it on continuous and unsubstantiated rumors about possible production freezes.
- Price action on SPX 30 minute chart is absolutely unintelligible over the last 2 weeks. Simply chop-city.
My Trades:
- Did not add any positions on Friday.
- Did not close out any positions on Friday.
- May add 1-2 new swing-trades to the portfolio today.
- Currently 10% Long / 40% Short / 50% Cash
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
In this podcast episode, Ryan examines one swing trader's disaster of a trade in Robinhood (HOOD) and the problems that come with not managing the trade and managing the risk in every swing trade that one takes.
Be sure to check out my Swing-Trading offering through SharePlanner that goes hand-in-hand with my podcast, offering all of the research, charts and technical analysis on the stock market and individual stocks, not to mention my personal watch-lists, reviews and regular updates on the most popular stocks, including the all-important big tech stocks. Check it out now at: https://www.shareplanner.com/premium-plans
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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