Bulls Snapped A Four Day Win Streak -

Bulls Snapped A Four Day Win Streak

Aug 09, 2018Jeremy ParkinsonFinance0

My Swing Trading Approach

Yesterday the market took a much-needed break, but overall it is still running hot over the past week. I am a bit light on my end, so I’ll likely look to add more long exposure today, if the market conditions will afford me the opportunity.

Indicators

Volatility Index (VIX) – Down five straight days – it is prime for a huge pop. Be aware. Currently sitting at 10.85.

T2108 (% of stocks trading above their 40-day moving average): Not much in the way of movement. Slight downtrend going back to the July highs.

Moving averages (SPX): Price is trading above all the major moving averages.

Sectors to Watch Today

Financials are still running hot, and there appears to be plenty of upside in this sector still. Technology still hasn’t established new all time highs just yet, though it is close. Still in an upward trend, though only creating nominal higher-highs and higher-lows. Industrials struggled yesterday, but still a solid uptrend in place off of the June lows. Energy is directionless.

My Market Sentiment

Bulls snapped a four day win streak yesterday on SPX. I would not be surprised if there is some consolidation at this point, or a possible rise to the all-time highs established in January, before getting quickly rejected.

S&P 500 Technical Analysis