The stock markets long-term uptrend remains in place as historic new highs by the major market indexes were reached within the last few weeks. However, due to very recent uncharacteristic weakness, in particular in the Nasdaq, the markets uptrend has come under pressure and is now in jeopardy. At this juncture, it is wise to be proactive to protect some gains by booking partial or whole profits in certain holdings, and to prepare an exit strategy (plan for raising cash) for other positions for when the markets uptrend breaks down. The popular indexes are teetering at important support levels and two separate possible “technical sell signals” are close to triggering, even as close as just 1 to 2 days away of bad market action. The Distribution Day (professional selling) count is elevated and signals serious caution is advised. The market doesn’t have to collapse here, but would have to begin rising on heavy volume very soon to negate the ominous signals and growing pressure upon prices to move lower. Check back for future updates.
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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.
©2017 Triumphant Portfolio Management, LLC.
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