Technical Outlook:
- SPX sported a nice rally in the final 45 minutes of trading to pop the market 20 points more into the close. Strong day on the charts.
- However, SPX needs to get above 1993 to establish a higher-high and and a new uptrend is in place.
- VIX dropped 17% down to 26.09. The VIX is setting up for a bigger sell off in the coming days.
- T2108 popped 27% up to 15.2%
- Right now China is on holiday, so it is difficult to say whether this bounce is simply because of China not having to trade right now.
- SPY volume was very average.
- Inverse head and shoulders pattern confirmed on SPX 30 minute chart.
- Trade nimble, be careful about holding positions overnight, because the volatility is still at extreme levels and much of the daily moves are happening before the market ever opens.
My Trades:
- Sold SDS yesterday for a 3.3% gain.
- Covered QQQ yesterday for a 0.6% loss.
- Covered AMZN yesterday for a 1.5% loss.
- Did not add any additional positions yesterday.
- 100% 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!
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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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