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Today's Trading Plan: Deranged Market

ByRyan Mallory
Published 09/26/2016, 09:29 AM
Updated 07/09/2023, 06:31 AM

Technical Outlook:

  • Strong sell-off on S&P 500 (SPX) on Friday that resulted in a break of the 50-day moving average.
  • Trend-line off of the all-time highs on SPX offered steep resistance on Thursday that ultimately resulted in Friday's sell-off.
  • Rising trend-line off of the February lows is back in play with a potential test area at 2124.
  • SPDRs S&P 500 (SPY (NYSE:SPY)) filled the gap on Friday, and looking to move back down towards the September lows.
  • SPY volume was slightly lower from the previous day's trading on Friday and was also below recent averages.
  • CBOE Market Volatility Index (VIX) finding support off of the rising support off of the August lows.
  • Crude Oil saw a steep sell-off on Friday and now looking to retest last week's lows.
  • SPX 30 minute chart appears ready to test the support at 2153 area today and at the market open.

My Trades:

  • Did not sell any swing-trade positions on Friday.
  • Added one new long position on Friday.
  • May add 1-2 new swing-trades to the portfolio today.
  • Currently 40% Long / 10% Short / 50% Cash

Chart for SPX:

SPX Daily Chart

Original post

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