S&P 500 (SPX) had a hard bounce yesterday of 1.5% that took price back to the underside of the 50-day moving average before failing to break through it.
The volume on SPDRs S&P 500 (SPY) camein strong yesterday again, though slightly less than what we saw on Friday.
Trend line off of the February lows is in play again today with weakness emerging once again with a strong gap down shaping up. Watch support at 2100.
Despite yesterday’s rally, SPX is still trading below the 5, 10, 20 and 50-day moving averages.
Resistance yesterday on SPX at 2156-7 was broken yesterday.
Russell (RUT) bounce wasn’t overly impressive and less than the bounce on SPX. Plenty of resistance in the 1236 area.
Massive reversal candle after climbing above 20 on the CBOE Market Volatility Index (VIX). Overall on the day, it shed 13% after it rose 40% on Friday.
Crude (/CL) quickly weakening in the premarket.
Two support to watch on SPX: 2168, 2155, and 2147.
My Trades:
Closed SPXU at $24.10 yesterday for a 4.7% profit.
Closed GME at $27.12 yesterday for a 3.0% profit.
Closed MSFT as close to $56.98 for a 0.9% profit.
Added two long positions as hedge positions yesterday.
Closed out DOW at $53.28 on Friday for a 1.5% loss.
Remain short: TGT at $70.30, T at $40.63.
May add 1-2 new swing-trades to the portfolio today.
Will consider adding new long positions to the portfolio if the market shows signs of putting together a possible bounce.
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