3/23 CHARTIST HOTLINE
Friday, March 23, 2018
Whenever the Dow rises or falls by more than one percent or we have new recommendations we automatically update this hotline.
The S&P 500 suffered its largest weekly loss in more than 2 years on concerns that a trade war and higher interest rates could substantially slow global growth.
Today, the Dow lost 425 points -1.77%, S&P 500 -2.10% and Nasdaq -2.43%. The Actual Cash Account dropped –1.87%.
Declining stocks outnumbered advancing issues by a 4 to 1 margin on the NYSE and 3.7 to 1 on the Nasdaq. The Chartist Overbought/Oversold indicator closed at an oversold reading of -3.41.
Short term support is in evidence at the market closing low on February 8th of this year at 2581.00 for the S&P 500.
None of the stocks in the Trader’s Portfolio violated their mental stops, but carefully monitor the stops over the coming days as some are getting close.
Our models are positive stay in a recommended 95% invested position.
Our next regular hotline is scheduled for Tuesday, March 27th, 3pm West Coast time.
