Energy Led The Way, While The Recent Market Leader, Financials, Cooled Off Some

My Swing Trading Approach

I’m not opposed to adding more long positions to the portfolio, but I’m not going to force anything. Should the early morning weakness persist, I’ll stand aside.

Indicators

VIX – VIX rose 5.4% yesterday, despite super bullish price behavior from the market.

T2108 (% of stocks trading below their 40-day moving average): The Dow was up 331 points yesterday, and the T2108 could only muster a 1% move higher? The bearish divergences remain.

Moving averages (SPX): Trading above all the moving averages.

Industries to Watch Today

Energy led the way, while the recent market leader, financials, cooled off some. Technology saw a minor bounce, but nothing to get excited about. Industrials continue to exhibit strength of their own.

My Market Sentiment

There is a feeling that the market has entered the realm of irrational behavior. But for now, the only trade is still to the long side. Resistance of all kinds, proves to be of little worth.

S&P 500 Technical Analysis