My Swing Trading Approach
Wait and see for this market. I have some long exposure, but the market has to show that it can sustain this bounce from Friday, in order for me to add more swing-trades to the portfolio.
Indicators
Industries to Watch Today
Energy led the way higher on Friday, and continues to consolidate in a sideways fashion. Potential double bottom has formed in Basic Materials. Utilities continue improving, while Technology, Financials, Industrials and Discretionary bounced at a key moment on Friday, but needs the follow through today. Defensive potentially displaying a dead cat bounce into resistance.
My Market Sentiment
The market bounced well on Friday. However, it can’t afford not to follow through on the momentum displayed on Friday. Since early March, the bulls have been unable to string together consecutive days of gains. There is notable support underneath the market, right around the 200-day moving average.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
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