Today’s action looked like a stalling day on the S&P500. Noting that and the overhead resistance at the 4,100 level, the market looks extended on the short-term and a bit overbought.
Our Current Market Outlook has been downgraded to “Uptrend Under Pressure” with a yellow light as of the close today with the S&P500 at 4,070.56. Our “Core Four” (see top of page) has weakened to 2 green and 2 yellow lights. This action has moved the market’s condition back to yellow.
The market is having to digest a lot of news right now. Earning season is in full swing and in many ways has been an encouragement. The Fed’s next interest rate announcement is coming on Feb 1st at 2p. It is widely anticipated that the Fed will hike rates by another 0.25%. But what will the Fed say about the labor demand?
Game plan: Be cautious at this level. Continue to insist that the S&P 500 stays over its 50-day mav to maintain the uptrend. Expect a breather in the recent rally.
Note: You can learn more about The Triumphant Core Four risk management system by clicking here.
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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. ©2023 Triumphant Portfolio Management, LLC.
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