Every Industry Is Showing Noticable Technical Damage

My Swing Trading Approach

I expect us to see a rally come forth at some point this week that will be hard and fast. However, while playing it is okay, committing too much capital to it is a bad thing. Be careful as it may not take place exactly when you expect. Stay nimble and light.

Indicators

VIX - 28.5% move on Friday and finished at 17.31 - the highest close since 11/8/16.
T2108 (% of stocks trading below their 40-day moving average): A massive spike lower of 27%. Closed the day at 38%. Lowest close since 8/29/17.
Moving averages (SPX): 5/10-day MA cross over on Friday, and the 20-day moving average broken. The 50-day MA is now back in play.

Industries to Watch Today

Energy, Basic Materials and Technology was the hardest hit. Every industry is showing noticable technical damage. Consumer Cyclical is holding up the best.

My Market Sentiment

I suspect we'll see a bounce here real soon. Dip buying dies a slow death, and not just on a moment's notice. There is a lot of volatility in this market right now, so be prepared to see some wild price action.

S&P 500 Technical Analysis