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Today’s Trading Plan: More Back and Forth

Monday, October 3, 2016 6:45
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Technical Outlook:

  • As it always does, the S&P 500 (SPX) managed to bounce following a hard sell-off the day before to erase nearly all the losses on the day. stock market all time highs swing trading volatile direction
  • What is most peculiar though was the failed attempt by the bulls to push the market over the declining trend-line from the all-time highs established back in August. Instead there was a sharp sell-off in the last 15 minutes of trading. 
  • For the bears here, the key will be to break price on SPX back below Thursday’s lows, and ultimately back below the 2140 level. 
  • The 50-day moving average is still providing some problems for the bulls going forward. 
  • Volume on SPDRs S&P 500 (SPY) fell slightly on Friday, but remained well above recent averages. 
  • On the 30 minute chart, SPY broke out and above the triangle established during the month of September. but fell back below the break out level at the close,s Friday afternoon. 
  • Nasdaq (QQQ) remains in a healthy state with price consolidating right below its all-time highs. 
  • Going back to 9/16, the 20-day moving average remains incredibly strong for the Nasdaq. 
  • Oil continues its push higher, looking to increase its win streak to four days, and breaking above the September highs and thereby establishing a higher-high. 
  • Massive meltdown in the CBOE Market Volatility (VIX) on Friday, as it dropped back down to 13.29 and towards the rising trend-line off of the August lows that has been a source of market reversals in equities. 
  • The number of stocks trading above their 40-day moving average increased 19% on Friday, to 50%. 

My Trades:

Chart for SPX: SP 500 Market Analysis 10-3-16 Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.

Be Sure to Check out Ryan’s Site at


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