S.T.A.Y.™ current position for Active portion of portfolio: CASH – S.T.A.Y. Plus™
Lower Lows and Lower Highs. Market continues in a definite downtrend since high of 7/27/2023.
Last week ended with another large loss of about 2 ½% for the week. Since July, there still have been nine down weeks out of thirteen following the high of 7/27/2023 which have created new lows and wiped out of all last summer’s gains. Likely we should expect some upward retracement of this rapid downward movement which will likely happen this week. However, as was 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)