Current Market Outlook
BLOG POST: Our Current Market Outlook is “Market in an Uptrend” and our light is “green.“
The S&P500 went deep yesterday and again today with fresh all-time highs and created a walk-off celebration on Wall Street! The party was somewhat muted, however, due to the failure of the Nasdaq and Dow Jones Industrial averages to do the same. The technical condition of the stock market remains sound and our Current Market Outlook is “Market in an Uptrend” with a “green” light. Our “Core Four” internal indicators are all green. As we wrote two weeks ago, “…the uptrend is underway again.”
Another curious divergence happened today regarding the new 52 week high and low readings on both the S&P500 and the Nasdaq. While there were many more new highs than new lows on both exchanges (a positive), the literal number of new highs actually fell on both and the number of stocks at new lows rose on both. (a negative) While one day does not make a trend, investors ready to take a swing should be watching for more signs.
Now for some good news: the active number of Distribution days has been reduced recently due to meaningful price gains on the major indexes. We continue to stand by our September 27th statement that it does not look like a major slump is near for stocks, based on the math of the market. Bear in mind that conditions can change quickly due to unforeseen events and that “it ain’t over till it’s over.” (Thanks Yogi!)
The Fed is widely expected to give its best pitch and bring relief to the market tomorrow with another rate cut. A balk by the Fed would be very unwelcome and seen as a blown save.
What should investors do now? Take the investing world serious. Continue deploying capital into quality investments that sport rising relative strength. Remain focused on the major indexes and their 50 day moving averages and watch the number of stocks hitting new 52 week lows for signs of growing weakness.
The bulls are swinging with all their might and are rewarding their fans with all-time highs, while the bears are hesitant to leave their dugout. Which team are you rooting for?
Have a Triumphant day! ®
The Latest
BLOG POST: Our Current Market Outlook is “Market in an Uptrend” and our light is “green.“
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