Follow Through To The Upside

My Swing Trading Approach

I will continue to add more positions to the portfolio on the long side today, but moving up my stops on existing plays. I am a bit cautious here because the market has struggled intraday with the gaps higher.

Indicators

VIX - The last eight days has seen VIX in a consolidation pattern, but is flirting with another move that could take the index back into the 11-12 range.
T2108 (% of stocks trading below their 40-day moving average): Incredibly important day for the bulls yesterday - broke through declining resistance going back to October, and had its highest reading since the January sell-off - 68.3%.
Moving averages (SPX): Broke through the 5-day moving average and now trades above all major moving averages.

Industries to Watch Today

Industrials is coming on strong - Following yesterday's move, a push to new all-time highs seems likely. Real Estate bounced off of key price support over the last two days. Energy is still soaring. Technology has a amazing bull flag pattern setting up. Discretionary breaking through price resistance going tack to the February highs.

My Market Sentiment

Strong push higher for SPX and all the other indices, yesterday. Follow through to the upside would be huge for the bulls, and setup the scenario for price to test the March highs in the coming days/weeks.

S&P 500 Technical Analysis

swing trading strategy report 206