My Swing Trading Approach

I am only 30% to the long side. I will manage the risk on those three positions and likely be back all in cash early on. I may short the market today, but the large gap down makes it quite difficult to do so. 

Indicators

• VIX - Down 1.9% yesterday, and recovered off of the lows of the day. Poised for a move back above 20. 

• T2108 (% of stocks trading below their 40-day moving average): Up in a very big way yesterday, with an 11% move, taking the indicator back up to 47.5%.

• Moving averages (SPX​): Looking to test the 100-day moving average today. Next stop will be the 200-day, if the 100-day breaks. 

Industries to Watch Today

Energy and Basic Materials far outpaced all other sectors. Everything else was either well in the red, or barely green. 

My Market Sentiment

Yesterday's intraday price action provided some optimism for the bulls, but the end of day sell-off quickly squashed that reality. Now the March lows are a potential target for the bears to try and break through today. 

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

• 3 long positions