The bears have lost themselves and their chance to drive this market lower yet again. 

The market has been on a three week rally and when it couldn’t find enough momentum to push SPX to new all-time highs, it gapped above them instead on a Sunday night. Now, the market is officially back in uncharted territory. Like we saw back in July when SPX previous hit new all-time highs, it did so on little to no volume, and ultimately sold off later that month and into August. 

join the swing trading splash zone

We could easily see the same thing happen again here. I still have a gold position that I am holding on to, because the technicals on it have turned bullish again, and may see another breakout once again. SPY candles on the daily the past two days – not all that great – I’m not a fan to say the least. I’ve taken a very light portfolio to the long side with the market, I’ve added one additional oversold bounce play to the portfolio that I think can weather the market storms quite well if the bulls were to pack it in following the FOMC Statement tomorrow. 

Take a look at the bearish watch-list below: 

bearish swing trading watch list 10 29