How to STOP Worrying about Stock Market Direction (Quick Market Update)

How to Stop Worrying about the Stock Market – Click to Follow

The S&P 500 finished the week up 2.13% by the closing bell on Friday. The first leg down from the market top is officially over. This action triggered a buy last week on the S&P 500; however, we did not take it with any additional positions because of the strength of the first leg down.

The long-term, monthly, trend is still up on the S&P 500. The S&P 500 remains stronger than short-term treasuries and the MSCI All-World (ex-USA) index. This tells us we want to continue to focus on the US Equities markets. The styles we like within US equities are Large Caps and Growth. The reason being is that they continue to outpace their counterparts of Small Caps and Value.

We are not looking to add any new positions this week. We are looking for at least another leg down in the markets before continuing to build. We did not adjust any stops up this past week but may after this week depending upon price action. It should be an interesting week as last week the S&P 500 ended failing at short-term resistance, so we’ll see if the bulls can keep control and push through! Have a great week!

Adam Straseske, CMT

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