Current Market Outlook
BLOG POST: Our Current Market Outlook is “Uptrend Under Pressure” and our light is “yellow.“
As of 9:30am today our Current Market Outlook was upgraded to “Market in Confirmed Uptrend” with a green light (SPX @ 3,882.11) as the S&P 500 gapped up mightily above its 21 and 50-day moving averages (mav’s) at the open, and in the process created another “positive double cross” bullish pattern. Currently our “Core Four” (see top of page) has 2 green, 1 yellow and 1 red light. The VIX continues to confirm a bullish signal.
The major indexes look to capture significant gains today. Expect the volume readings to be very high to confirm at day’s end.
We have been putting some capital to work in today’s pre-market trading already in response to the 8:30am CPI announcement. Technically, that initial violent up move at 8:30am triggered our “buy signal” and the upgrade to a green condition. But for our C.M.O. blog, we officially waited for the opening minute (9:30am ET) to designate the index entry price. (Note: If the market builds on the opening gains, we will employ more capital throughout the day.)
Just two days ago we wrote, “A higher low (an important chart aspect for an advance) is in! … until it isn’t. The only way the market can go lower from here is exactly that – if it goes lower. In other words, if (when) the indexes begin to advance don’t be afraid of that. Don’t fight it. That is what is supposed to happen especially after a bear market has run its course.”
We are delighted the market is beginning to show signs of accumulation again and are hopeful that it proves to be more than just a short lived “bull rally” in an overall bear market. Only time will tell. Watch to see how the market closes today, and in particular on Friday, to make sure today’s exciting reaction to the CPI numbers isn’t just short covering.
One more observation to share: the timing of the “crypto” news release on (saved for) election day certainly seemed peculiar to us. More importantly though, is that that “news” created a lot of angst and fear for the public, just before this morning’s big CPI release. Say what you want, but we have seen that act before. That is why it is important to utilize a disciplined system, like our “Core Four” and the “Current Market Outlook,” to filter out personal emotions and biases. We thank God for this tool.
Game plan: Continue putting capital to work in the best ideas from your watch list. If the rally expands, expect the S&P 500 to move to its 200-day mav. Do not cease to employ risk management – know where you are getting out before you even get into a position!
Note: You can learn more about The Triumphant Core Four risk management system by clicking here.
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.
The Latest
BLOG POST: Our Current Market Outlook is “Uptrend Under Pressure” and our light is “yellow.“
Where Are Woodward and Bernstein When We Need Them? This article was written by Newt
A poem about a modern day Pig in a Poke, being “woke” and going broke.
Triumphant Truth
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.
14803 Forest Rd.
#1147
Forest, VA 24551
Request a Triumphant newsletter to receive updates on the markets and Christ-centered investing.
Send mail to:
14803 Forest Rd. # 1147
Forest, VA 24551
Request a Triumphant Newsletter to receive updates on the markets and Christ-centered investing.
This information is not intended to be a substitute for specific individualized advice. The TPM strategies cannot assure a profit nor protect against loss. Inherent limitations and market conditions may affect the performance of portfolios in any given market environment. Past performance does not guarantee future results. Investors should consider the investment objectives, risks, charges, and expenses associated with any investment strategy.
Advisory Services Through Sowell Management, a Registered Investment Advisor | Privacy & Disclosures | © 2024 Triumphant Portfolio Management, LLC