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A Look At the S&P 500

sp-bear-mkt-view2

I’ve posted the chart above so we can see what the broad market is doing. It was off 2% last week and you can see that it dipped below the 13 day moving average. This keyed a few of our stop losses that we had set, and we will be watching to see whether it dips below the 34 day moving average.

The market is still in an uptrend as long as the short-term moving averages reman above the longer term moving averages.

You can also see that the pull back was on low volume, well below the moving average.

At this point, there really is no need to panic and sell everything to cash like many talking heads are advising. We will stick with our plan and keep stop losses in place to protect the upside we’ve seen this year but continue to ride the uptrend as long as it will last.

Mark