My Swing Trading Approach
I am following the downtrend that the bulls are testing at the open today on SPX. Should it break, I will look to steadily increase my long exposure in the market, while protecting my profits in existing positions.
Indicators
Industries to Watch Today
Energy and technology was strong yet again. I expect these two sectors to continue remain strong going forward. Tech actually formed a higher-high, which is a first for the bulls since March. Utilities continues to weaken and should be avoided, along with Staples. Financials coming out of its double bottom base – very bullish.
My Market Sentiment
Downtrend close to being tested here. I suspect we will gap above resistance at the open, and then it becomes key for the bulls to close above it at the market close. Broke the stubborn 50-day moving average on SPX, and that was a big achievement for the market. Careful of potential profit taking in the days ahead.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
