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[Platinum Trading] 12.16.22 Stocks on watch for trading!

[Platinum Trading] 12.16.22 Stocks on watch for trading!
August 21, 2023

Pre-market price action is down again this morning which limits our swing trading activity to spectator status. I don’t mind sitting on the side with money in the bank while the market is in decline.  

We have been watching PG and even with the market selloff yesterday PG still closed above its 9-day SMA. If you are in the trade, my guidelines would keep you in this position until we see a full candle close below the 9-day SMA.  

We have also been watching the volatile energy sector (XLE) for a possible swing trade set-up, but the price action closed below the 9-day SMA yesterday and the oscillators are still not supporting an entry in this position.  

The S&P 500 chart – SPX is showing further downward trending price action, with a possible retracement. We are looking at a potential price target just above 3780.   There is no sure thing in the market but having a trading plan and exercising risk management will give you a higher probability of success. Have a Great Day! 

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