Ryan Mallory | Feb 08, 2019 05:11AM ET
Yesterday, I booked profits in Netflix (NASDAQ:NFLX) for a +1.3% profit and I added one short position to the portfolio, which should play out well at the open of today's market. The dip mentality remains strong in this market, so today will be a key test for it. If a rebound is in the cards, it would make sense to add a new long position to the portfolio as well.
h2 Indicators/h2Technology (NYSE:XLK) showing relative strength with Industrial (NYSE:XLI) still, but that will be put to the test today with weakness ahead of the bell, while Healthcare continues to pile on the profits and extend its gains for a sixth straight day. Materials (NYSE:XLB) and Energy (NYSE:XLE) worked in lockstep to drag the market lower yesterday.
h2 My Market Sentiment/h2We are seeing the market deep in the red ahead of the opening bell. There will more than likely be an attempt to buy the dip early on - whether it takes is anyone's guess at this point. A strong day in the red, and without being able to break the 200-day moving average could create a strong technical sell-off, as traders look to book their profits quickly.
h2 S&P 500 Technical Analysis/h2 h2Original post
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