Late Day Sell-Offs Are Making The Market Difficult

My Swing Trading Approach

I went 100% cash once the selling began yesterday. Late day sell-offs are making this a very difficult market to rely on here. Trading a small number of positions is a must here.

Indicators

VIX - Starting to show signs of a larger bounce being possible here. Now sitting at 19.85, following yesterday's 6.8% rally.
T2108 (% of stocks trading below their 40-day moving average): An 18.5% decline yesterday taking the reading down to 25%. This is horribly low, and likely we'll see another move into the teens again.
Moving averages (SPX): Sitting on the 20-day moving average after crushing the 5, 10, and 50-day moving averages yesterday. Not a good look for the market at all here.

Industries to Watch Today

Energy, Basic Materials, and Healthcare led the way to the downside. Bear flags galore were confirmed yesterday, and Technology may have a double top pattern in place.

My Market Sentiment

Lower-high may have been established yesterday on the chart, and possibly a new down-trend in place from a long-term perspective. Yesterday's late day sell-off damaged the charts quite a bit.

S&P 500 Technical Analysis