Our Current Market Outlook remains “Uptrend Under Pressure” with a yellow light (the recent signal change came at 10:30am on 05/29/24 with the SPX @ 5,277.66). Our Core Four improved slightly this week to 1 green, 2 yellow and 1 red light. The VIX traded back under its own 50-day mav this week and remains low, yet interest rates rose again.
The S&P500 and Nasdaq indexes remain nicely above their 50-day mav’s, while the Dow Jones Industrial Average is testing (and is currently barely above) its own. The advance/decline lines on both major exchanges continue to disappoint. Stay on watch for a sharp price reversal that drives the main indexes back to their 50-day mav’s on big volume (distribution).
All eyes will be on Jerome Powell and the Fed’s announcement at 2p ET on Wednesday. Friday’s action showed some interesting (and even violent action) in certain areas of the “inflation trade.” Recent US Government economic releases have revealed that inflation is still hanging on, but so much of the market’s forward expectations (and recent returns) are critically tied to the hope of 2 or more rate cuts by year’s end. This week’s Powell post-announcement press conference may have potential category 5 ramifications.
One more thing that should be on investor’s radar is our nation’s critically low SPR (Strategic Petroleum Reserve) level, thanks to President Biden. This is a huge vulnerability for the United States and a ideal possible target for our enemies.
Some trust in chariots and some in horses,
but we trust in the name of the Lord our God.” Psalm 20:7 NASB 1995
Game plan: The stock market faces a big test this coming week. Many participants are decidedly on one side of the stock market boat – overly optimistic. Dust off your exit strategy in case major support levels are compromised. Pray for the peace of Jerusalem (Psalm 122:6-7). May they prosper who love her.
Note: You can learn more about The Triumphant Core Four risk management system by clicking here.
Have a Triumphant day! ®
The information in this article is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Not to be used as legal or tax advice. ©2024 Triumphant Portfolio Management, LLC.
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