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Bulls Slip In Holding Their Intraday Gains

Published 06/12/2019, 03:19 PM
Updated 07/09/2023, 06:31 AM
US500
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XLB
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XLE
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VIX
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XLU
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My Swing Trading Strategy

The last two trading sessions have seen the bulls slip in holding their intraday gains, so at this point, I am not willing to add more positions to the portfolio until the uptrend shows signs of wanting to resume moving higher.

Indicators

  • Volatility Index (VIX) - Finished higher by a smidge yesterday, and still holding its 50-day moving average. No clear edge here on the indicator in terms of direction. A break of the 6/3 highs or 5/22 lows would determine direction going forward.
  • T2108 (% of stocks trading above their 40-day moving average): A slight decline of less 1% yesterday, has this indicator still diverging lower.
  • Moving averages (SPX): SPX currently trading above all of its major moving averages.

Sectors to Watch Today

Materials continues its huge rally off of the June lows. Growth sectors showing more of a willingness to consolidate, while Utilities could be setting up for a bounce here, following three days of declines. Energy continues to exhibit weakness overall, and hasn't participated in the rally nearly to the extent of the other sectors.

My Market Sentiment

SPX broke above the right shoulder yesterday on the daily chart as shown below but was only able to close right on the resistance level. Also,a higher-high has formed with yesterday's early morning move.

S&P 500 Technical Analysis

Swing Trading Strategy Report 452

Current Stock Trading Portfolio Balance

  • 30% Long

Original Post

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