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Swing Trade Chart Picks – First Time in Months, More New Shorts Than Buys

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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Posted in 2 - Technical Trader
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