My Swing Trading Strategy
I added two new swing-trades to the portfolio after stopping out of Square (SQ) for a +0.2% profit while also taking a hit in Roku (ROKU) for a loss. I may look to add another setup to the portfolio today – that remains to be seen.
Indicators
- Volatility Index (VIX) – Pretty quiet day for the indicator with a 1.2% sell-off. Nothing overly exciting going on there, and no clear direction really being provided at this moment.
- T2108 (% of stocks trading above their 40-day moving average): One of the better rallies of late – an 8% move taking the indicator back up to 63. It is actually looking like it might want to reverse this bearish divergence of late.
- Moving averages (SPX): Trading above all the major moving averages.
- RELATED: Patterns to Profits: Training Course
Sectors to Watch Today
Discretionary is in full breakout mode now, while Technology saw a noticeable lag yesterday. Healthcare still looks like a drag to me, and Materials continues its tear higher along with Industrials.
My Market Sentiment
It is hard to not remain bullish on the market, not because there is an incredible level of bullish activity in this market right now, but because the bears cannot drive this market lower for any reason at all. There is a constant bid underneath it. Eventually that will change, but that is the conditions in which we are being afforded right now.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 30% Long.
