Swing-Trading Strategy Report: S&P 500
Ryan Mallory | Mar 01, 2019 02:06AM ET
One additional long position was added to my portfolio yesterday, while taking a 0.7% loss on Eastman Chemical Company (NYSE:EMN). I am open to adding another position today, but I need to see a little more out of my existing positions first.
h2 Indicators/h2- Volatility Index (VIX) - Broke through the 20-day moving average momentarily, which hasn't really been done at all, of late. But by the close, all the gains, plus an extra 3% was subtracted from the final tally. Closed at 14.70.
- T2108 (% of stocks trading above their 40-day moving average): A little bit of a rollover here on the T2108, as the indicator shed another 2.3% yesterday, to take it to 80%. There's no panic seen, just appears to be a natural pullback for the market as it consolidates a two-month rally.
- Moving averages (SPX): Currently trading above all the major moving averages.
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Financials (NYSE:XLF) still appears ready to push higher here, and Energy (NYSE:XLE) remains in the bull flag pattern. Technology (NYSE:XLK) had a significant dip and bounce to finish the day in positive territory. Utilities (NYSE:XLU) on a 3-day pullback, but that too, looks like a low volume bull flag to watch.
h2 My Market Sentiment/h2The rising trend-line off of December lows was broken. I don't think this is cause to sound the alarm. I think more importantly it may just be that the trajectory of the current rally has changed in terms of steepness. Potential for further weakness to result in a re-test of the 200-day moving average.
h2 S&P 500 Technical Analysis/h2 h2- 30% Long.
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