Technology Flexed Its Muscles Yesterday With A Massive Rally

My Swing Trading Approach

Should we get the follow through this morning, I will look to add 1-2 new long positions to the portfolio today.

Indicators

Volatility Index (VIX) - Tried to break out of the downtrend from the 2/5 highs. Instead reversed course, with drop to 12.19.
T2108 (% of stocks trading above their 40-day moving average): Continues to bounce hard off of the rising trend-line from the 2/5 lows. But still a diverging indicator, with a reading of 53%.
Moving averages (SPX): Held the 20-day moving average while recapturing the 5 and 10-day moving averages.

Sectors to Watch Today

Technology flexed its muscles yesterday with a massive rally, while Staples showed similar strength as well. Financials hasn't lost it all together just yet, but it is showing some indifference of late. I am unsure about Industrials at this point. It looks like it may be content with settling back into its seven month long trading range.

My Market Sentiment

Yesterday was a 180 for the market, as it appeared it wanted to break down in the pre-market, it ultimately managed to reverse course, hold onto critical support at 2801, and bouncing over 30 points off of its lows of the day.

S&P 500 Technical Analysis

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