Current position for Active portion of portfolio: SELL – S.T.A.Y. Plus™
In the weekly market update dated 4/24/2023, I made the following comment-
"For the technical pattern to look right, I think that the market needs a little bit more upside, maybe 2% or so, to put in an intermediate top. If so, an intermediate top could very well be between these two levels, my guess is somewhere around 4225 to 4250."
Last week the market made a move from about 4109 to a high of 4212. This is getting very close to the area indicated one month ago. Our indicators continue to show that there is a lot of potential downside with little upside, however, only time will tell and we stand ready to respond to any changes (up or down) that the market presents.
Weekly Chart with Fibonacci Retracement Percentages (from the all-time high)
Monthly Chart with Fibonacci Retracement Percentages (from the all-time high)