S.T.A.Y.™ current position for Active portion of portfolio: CASH – S.T.A.Y. Plus™
The market retraced most of the last two weeks of gains.
As was mentioned last week “…Likely we should expect some upward retracement of this rapid downward movement which will likely happen this week.”.
However, as you can see in the weekly chart, we still have Lower Lows and Lower Highs since the recent high of 7/27/2023 which have created lows that have wiped out of all last summer’s gains.
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)