The stock market is testing critical support. The massive negative price reversal today on higher volume is triggering a sell signal.
As a result of the weak price and volume action at 3pm today (S&P 500 last at 4,402.54), our Current Market Outlook has been downgraded to “Market in a Correction” with a red light. The “Core Four” (see top of page) shows no green, 1 yellow and 3 red lights.
Two weeks ago we stated, “Unless the market makes a strong upward move on increased volume, and soon, the stock market is facing a high probability of further declines in the months ahead.” This is unfolding now.
(Note: I am on the road traveling today and as such the post was finished after the close.)
Please note we have recently discovered that we are having technical issues with our “Outlook Updates” archive dropdown feature to the right of this post. Until further notice, please use the prior date links at the bottom left of each post to access certain earlier posts.
Game plan: Be vigilant. While big tests of price support await the stock market this spring, the market is close to seriously breaking down. Exit positions that have turned against you and may be showing losses. Seek wisdom from the Lord Jesus.
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. ©2022 Triumphant Portfolio Management, LLC.
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