Downtrend Finally Broken

My Swing Trading Approach

I'm not opposed to adding more long exposure, but may wait for some consolidation in price or a light volume pullback first. 

Indicators

  • VIX - Breaking down hard and fast. Down six days in a row. Lowest close since late January, and a sign that volatility is trending lower. 
  • T2108 (% of stocks trading below their 40-day moving average): Key test for T2108 coming up today. 
  • Moving averages (SPX): SPX trading above all major moving averages, including the 100-day as well. 

Industries to Watch Today

Yesterday saw utilities lead the market higher, with Technology just behind. Discretionary was a drag on the market, as was Staples which is by far the most hated sector at the moment. Healthcare may finally be changing its tune, with a strong day yesterday and a break of downward resistance from the January highs. The same downwtrend has broken in Financials too. 

My Market Sentiment

Downtrend finally broken that started with the original sell-off back in January. That is a big development as is the higher-high that has been put in by breaking the April highs. 

S&P 500 Technical Analysis

swing trading strategy report 199

Current Stock Trading Portfolio Balance

  • 6 Long Positions

Click here to download my Allocation Spreadsheet. 

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