S.T.A.Y.™ current position for Active portion of portfolio: CASH – S.T.A.Y. Plus™
The market retrace has extended, but has not exceeded the high of 7/27. Stated another way, the market has re-gained much of what has been lost since the high on 7/27, however, the retracement has been about 80% of the decent from the recent high from 7/27/2023. You can see this visually on the weekly chart below by looking at the last four weeks (four green bars on the right). It appears that last week the market may have reached an intermediate top (meaning that it may be ready to continue on the downward trend), 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)