My Swing Trading Approach
With the market gapping up, I will be increasing my stops, but I am less inclined to add new positions at this juncture of the rally.
Indicators
VIX – Dropped down to 9.15 and even spent some time below 9. This is the area we tend to see some bounces in the indicator and even diverge from market strength.
T2108 (% of stocks trading below their 40-day moving average): I am surprised we haven’t seen more out of this indicator over the last two days. Only moved up 0.8% yesterday to 65%. This is somewhat concerninghere.
Moving averages (SPX): Currently trading above all the major moving averages.
Industries to Watch Today
Energy was the leader once again and many of its stocks are just now breaking out of major bases. Technology has fully recovered and back to its old ways with semis back to being hot. Healthcare also very strong, and Industrials remains sure and steady. Everything is pretty solid except for Financials, Utilities, and Communication Services.
My Market Sentiment
The key here is to ride this market rally as long as it will continue storming higher.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
Recent Stock Trade Notables:
