Ryan Mallory | May 09, 2019 01:45AM ET
I took profits in one position while getting stopped out of two others for losses. Not an ideal day of trading, but nonetheless, I did add one new position in the afternoon yesterday to play the end of day bounce. I may add another long position today, if the market can rally today.
h3 Indicators/h3No sector is truly safe from the market right now, as each one finished lower on the red. The safe haven (relatively speaking) is Utilities. Technology and Healthcare continues to get pummeled. All of your aggressive sectors, Discretionary included, are showing signs of a potential breakdown.
My Market Sentiment
One has to be very conservative on how they approach this market here. For sure the possibility to bounce this market exists, and could really squeeze the shorts something fierce, especially considering how much the market managed to rally in the final minutes of trading yesterday. However, if you are long, you have to be worried about further downside as the trend-line was broken yesterday, and could be setting up here for a break of the 50 day moving average and more.
h3 S&P 500 Technical Analysis/h3 h2Original post
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