I cut equity holdings down to about 40% of the portfolio total, so I am a little more defensive now.
My long-term ensemble indicator switched to SELL Monday.
The S&P 500 is only down 4.6% from its all-time high.
As I write this the S&P 500 is 4325. I don’t think the Index is at a bottom yet,
but it’s possibly not too far off. The
200-dMA is 5.4% lower. My guess is that will be close to the low.
RSI, Bollinger Bands and the Overbought/oversold ratio are all oversold. We should see a bounce Tuesday, but recently pullbacks have gone directly to a waterfall event and dropped straight down, so it’s not clear that we’ll see much bounce.
I'll post more tonight.
