New all-time highs on the S&P 500 are creating fireworks in the financial media! With the Nasdaq and Dow Jones Industrial indexes just a whisper away themselves, our Current Market Outlook remains “Market in an Uptrend” with a “green” light.
Two weeks ago we wrote, “For now, Mr. Market is saying “do as I do, not as the news media says”. The markets’ internals continue to improve and the rally is expanding. No Distribution Days were seen in the 3 days immediately following the FT day and the SP500 held firmly above its 50 day line for several days. These were signs of a market cued for a launch.” That statement could not have been any truer and still stands today.
The good news (or maybe better, neutral news) out of the G-20 summit on the China trade war has added to the already bullish tone. One negative technical aspect, though, that bears some watching, is that the Dow Jones Transportation index has not yet lifted off. Investors also need to pay close attention to the Fed’s announcement later this month regarding a possible rate cut. A frozen Fed, one that sits tight instead of cutting, could cause a negative reaction in US stocks and possibly derail the rally. That unwanted, perhaps even unexpected, Fed decision could cause an emergency landing in stocks.
As stated previously, our study of the “math of the market” is based on several time-tested technical internals and our system tracks the “footprints of money”. Our job is to interpret the markets daily numbers in order to be aligned with its current trend. The mathematical internal indicators of our proprietary 3-stage sell-signal discipline are objective and factor out the noise. Happy Fourth of July and may God please bless America!
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. ©2019 Triumphant Portfolio Management, LLC.
Where Are Woodward and Bernstein When We Need Them? This article was written by Newt