The market suffered Distribution (professional selling) again today while the S&P500 & the Nasdaq both sliced down through and closed under an important short-term moving average. As of today, one of our “core 4” indicators turned yellow. The market is on the verge of slipping to an official yellow light which would change our current market outlook to uptrend under pressure. Tomorrow (Friday) will be a key day to see how investors respond to the release of the unemployment figures.
We noted last week in the (02/27) bulletin that the character of the uptrend was showing signs of change. We also shared that we had proactively raised the level of cash in certain strategies of ours. We did more of that this week and we are glad we did. The next few days will reveal much about the growing weakness. Will this be the start of a correction that creates the “higher low” we have been expecting? Or will the markets shake it off and bolt higher to finish the quarter on a strong note? The trend is still up, but selling pressure is growing. Stay tuned. Have a Triumphant day! ®
You’re not here by accident. God loves you. He wants you to have a personal relationship with Him through Jesus, His Son. Triumphant strives to honor the Lord and bear witness to His love and mercy by serving our clients with disciplined, proactive wealth management.