Current position for Active portion of portfolio: SELL – S.T.A.Y. Plus™
About a month ago, I made the following comment; “For the technical pattern to look right, I think that the market needs a little bit more upside 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 morning the market opened making a high for the day of 4231. The market could go higher from here, however if not, this level would pretty much satisfy the technical pattern proportions. Time will tell if this turns out to be an intermediate top or not.
Weekly Chart with Fibonacci Retracement Percentages (from the all-time high)
Monthly Chart with Fibonacci Retracement Percentages (from the all-time high)