My Swing Trading Approach
Similar to yesterday, I will take a very cautious approach with this market. Less is more in this market and I do not want to rapidly increase my long exposure with such incredible uncertainty. Only under very bullish circumstances today, will I add additional long exposure to my portfolio.
Indicators
Industries to Watch Today
Materials improving in recent days to form a possible inverse head and shoulders pattern. technology also holding up well recently, but still in a multi-week coiling pattern. Staples needs to be avoided at all costs. Its chart is extremely bearish. Financials on the verge of a breakout, while Energy maintains its bull flag pattern.
My Market Sentiment
The bulls staged a massive rally yesterday, when all looked lost, to hold the 200-day moving average. Price action continues to contract and get tighter in the long-term picture. Recent tests of the 200-day MA have led to hard market bounces thereafter.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
