by Lance Roberts
Real Investment Advice
In this past weekend’s commentary, I discussed the failure of the market to hold its breakout above 2100 last week.
“The short-term outlook suggests more vulnerability to selling. Importantly, the markets must hold support at 2080, the short-term moving average, or 2040 which is the recent bottoms of what currently appears to be a potential topping process.
The failure of the markets this week to break, and hold, above 2100 keeps portfolio allocations at current levels. As shown below, the downtrend resistance, on a weekly basis, also coincides with 2040 reinforcing the importance of that support level. Stop loss levels are current set at 2020, and portfolio hedges will be added with a subsequent break of 2000.”