Sectors Are Rolling Over

My Swing Trading Approach

Currently, I am 100% cash and will stay that way, until there is a definable edge in this market. 

Indicators

• VIX - Big pop in the VIX yesterday sent the indicator to 23.34. Watch to see whether it breaks the highs from March. 
• T2108 (% of stocks trading below their 40-day moving average): A massive decline yesterday of 30%, sending the indicator down to 33%. Still no where near the reading from February, when it dipped into single digits .
• Moving averages (SPX): 100-day moving average was clearly broken, the next destination appears to be the 200-day MA. Previous test, saw a very hard and aggressive bounce. 

Industries to Watch Today

Utilities were the only sector to finish in positive territory. Its chart though is not one that I would consider bullish though. Technology finally broke down yesterday. All other sectors are rolling over. 

My Market Sentiment

A double top pattern formed in February and March confirmed and a lower-low confirmed as well. Very bearish chart for the market at this juncture. 

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

• 100% Cash Position