The stock market is under significant pressure this morning and has failed to hold at and push above key moving averages already.
Our Current Market Outlook is being downgraded to “Uptrend Under Pressure” with a yellow light. Our “Core Four” now stands with no green, 3 yellow and 1 red light (see top of page) causing our light to change back to yellow.
We wrote this on Saturday based on Friday’s action, ” Immediate sharply negative price moves on Monday or Tuesday could quickly cause a downgrade in the Current Market Outlook.” That negative action is beginning to develop.
We remain defensively positioned in our strategies.
What to do now? Tighten your seat belt and exit your weakest positions. Keep losses small. The cream always rises to the top, so keep your eyes open for any emerging strength/leadership in the days ahead, if the market catches itself. Continue monitoring the US 10-year note rate as a “taper tantrum” tell. Stay vigilant watching for a vertical violation.
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. ©2021 Triumphant Portfolio Management, LLC.
Where Are Woodward and Bernstein When We Need Them? This article was written by Newt