My Swing Trading Approach
I remain 100% cash for a second straight day. I would like to add some long or short positions, but I need the market to lead the way. Right now it isn't doing that.
Indicators
- VIX - It gave back its gains from the day prior, by declining 4.3%.
- T2108 (% of stocks trading below their 40-day moving average): Flat day in the market resulted in a flat day for this indicator. Overall a bull flag pattern on its daily chart.
- Moving averages (SPX): Still holding the 50-day moving average but well below the 20-day and 50-day moving averages.
Industries to Watch Today
Energy bounced back a small amount yesterday, followed by Cyclical and Industrials. Real Estate, Communication Services, and Utilities lagged the market.
My Market Sentiment
The market's direction should become more clearer, once the FOMC Statement is out today at 2pm eastern. Until then, I expect the market to remain quiet.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 100% Cash
Comments
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