Swing trade stock screens produced 40 charts with multiple buy signals as of the last two trading days of the past week. There were just 61 charts with a second sell signal. That’s a switch from prior weeks when there were far more buy than sell signals. But the numbers are small on both sides, suggesting a lack of breadth, momentum, and conviction. Non-subscribers click here for access.
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Average swing trade chart pick theoretical profit slipped from 10.8% to 9.7% last week, on an average holding period of 28 calendar days. Some profits were culled, with 6 picks closed out, as shown on the table below. 3 of the 4 new picks were losers, hurting performance, but I want to give them time to back and fill, as is normal before moves take hold. Non-subscribers click here for access.
After reviewing the charts with signals, I added two buys to the list. One was a chart that made the list in early June, but went down and picked off a stop I placed last week. It then recovered and triggered new buy signals. I still like the chart. Non-subscribers click here for access.
I found 6 setups I liked on the sell side and added those to the list as shorts. This is a shift from the recent pattern of adding almost entirely buys, and few or no sells. Non-subscribers click here for access.
These moves, along with the new additions will leave 14 buys and 7 shorts on the list over the coming week. Non-subscribers click here for access.
Whenever the list profit has reached an average of 10%, as it did for a couple of weeks this month. While many charts are extended, and a few have started to pull back from or near resistance levels, I’m not seeing signs of a significant reversal here yet. However, a pause or consolidation looks likely. Non-subscribers click here for access.
I have adjusted or added stops on many of the picks. Others I have left without stops because the trends are good and I don’t want to get picked off early, so I will let those ride. Non-subscribers click here for access.
Technical Trader subscribers click here to download the complete report.
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