The Market Was More Bullish -

The Market Was More Bullish

Jan 24, 2018Jeremy ParkinsonFinance0

My Swing Trading Approach

I added two trades to the portfolio yesterday, was whipped out of a another for a small profit. I will look to keep the portfolio the same, with little changes to it, beyond increasing my stops. If a great opportunity comes my way, I may pull the trigger on it.

Indicators

VIX – Trying to bounce, surprisingly, it finished off the lows of the day, to hold the 11 price level.

T2108 (% of stocks trading below their 40-day moving average): Small move yesterday of 1.8%, but it was enough to get this indicator back over 70%. The indicator still suggests the market was more bullish for stocks back in the September/October time period.

Moving averages (SPX): Trading above all the major moving averages.

Industries to Watch Today

More consolidation in Basic Materials – watch for a breakout of the consolidation today. Utilities showed some signs of life. Real Estate led the way, followed by Technology. Financials, Cyclical, and Healthcare remain steady performers.

My Market Sentiment

Stay long. What else can one do with a market this bullish? Don’t be blind to bearish developments if they should arise, but so far, they are being kept at bay.

S&P 500 Technical Analysis