A Bearish S&P-500
Jan 29, 2021
Friday, 1.29.2021:
The S&P-500 broke through some key levels of recent support today. This is a 2-hour chart showing the S&P-500 at the end of the trading day:
This is important both for day trading and swing trading since we want to trade within the context of the market sentiment.
One of the tools I use to objectively measure trends for indices, currencies, and stocks is a simple scan. I use all kinds of scans. But the following snip shows my weekly/daily/1-hour scan of the SPY:
The scan is divided into 10 separate measurements with 10 checkmarks for each division of time. As this scan shows, we are fully bearish on the right 1-hour checkmarks and slightly mixed on the weekly and daily checkmarks. On balance, the SPY is now in Bearish territory with a Bear rating of 66%.
I find that these scans are helpful to help me quickly sort through a large number of stocks. It also gives me an objective view of current trends. This is important since we can sometimes talk ourselves into believing something about a stock, regardless of the objective analysis.
Here is a scan of the 10 most Bearish optionable stocks in the market at this time:
Hope you have a great weekend.
Interested in Bob Joiner's day trading chat room?
At the following link, you'll find a 2-minute video overview and a link below that video to receive more information.
