Market Hitting Upward resistance

S.T.A.Y.™ current position for Active portion of portfolio: CASH – S.T.A.Y. Plus™

The market retrace has extended, however it is showing some hesitation as intra-day on Friday reached the high of 7/27 and then closed below it.
However, as you can see in the weekly chart, the market has now retraced the entire decent from the recent high of 7/27/2023.  It appears that last week the market may have reached an intermediate top, time will tell.

Also mentioned in previous weeks, we are in a “mountain road” market, therefore we have taken an inverse position on 8/11/2023.  We will stay in that position until our shorter-term indicators show otherwise.

This position may be for a few days or a few weeks as we will be operating off of our shorter-term indicators to make changes as needed in a timelier fashion.  We will keep you posted.

​Weekly S&P 500 Chart with Fibonacci Retracement Percentages (from the all-time high)

​Monthly S&P 500 Chart with Fibonacci Retracement Percentages (from the all-time high)

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