[Platinum Watchlist] (2.10.23) update on 3 Stocks!

Good morning.  

Stock Market futures are down this morning after yesterday’s market selloff. Many members of the FED have been speaking this week expressing a hawkish tone for future FED rate policy.  

The S&P 500 – SPX closed below its 9-day SMA, short term channel trend line and the resistance level of 4100 giving the market a taste of bearishness for the first time since the beginning of January. This caused me to get more defensive in the swing trade portfolio.  

ADBE has moved in a sideways pattern over the past few days. We are starting to see the 9-day and 20-day SMA’s flatten out with a rollover of the Stochastic and a weakening MACD. This tripped another stop sell at 377.05 for 1/4 of our original position giving us a 3.83% gain. We still have a 1/4 position left in the portfolio and will set stops above the cost basis of 363.19 to preserve the rest of our gains.  

SFM completed its sixth day of price action where it failed to close above the 50-day SMA resistance level. With converging 9-day and 50-day moving averages and a negative crossover of the Stochastic and flattening MACD, it was time to take our 2.39% gains over 10 days.  

PSN dropped 1.46% yesterday to close above the 9-day and 20-day SMA line which have converged. Price action found resistance at the 50-day SMA. With the negative crossover of the Stochastic and a weakening RSI, there will be a tight sell stop above the cost basis of 43.84 to defend the gains.  

With the weekend coming up and CPI reports out next week I’m not contemplating adding any additional position to the portfolio today as declining market price action is not conducive to profitable swing trading. As a swing trader, it’s important to have a clear understanding of the potential risks involved in each trade, and to put measures in place to minimize those risks.  Have a Great Weekend!  

This information is for educational purposes and is not a recommendation to buy or sell a security