Sunday Update: 100% G Fund Until Further Notice
On Wednesday of this week I moved to 100% G fund based on several factors. The price chart had hit resistance on Monday at the 50DMA and lost all of its gains on Tuesday. The technical indicators began to roll over on Tuesday and had broken down significantly by mid morning on Wednesday. Intra-day Wednesday, the price chart undercut the previous Friday’s low of 1902. It looked like the top, for now, was in. By the end of the day however, the market had turned around and closed for a gain. There are no crystal balls.
The S&P500 closed just above the 50DMA on Friday. IF the market continues up, the next point of resistance is 2000 then about 2030 at the 200DMA. Upside from here looks to be limited at best. We’ll see if the 50DMA holds up early next week.
Have a great week and please SHARE..