Charting the S&P 500: Are You Ready?
An opportunity may be coming soon, but are you ready for it?
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The past couple weeks of market action were strange, to say the least. Certainly the uncertainty and worry over earnings, monetary policy change and the election have everyone on edge, but also a strong year in the markets for the first 10 months of the year makes it difficult to hold on too much longer. After all, stocks will eventually go down and correct hard, and most of us would rather not be involved when that happens.
But as we are long-term investors, uncertainty, doubt, worry and fear are opportunities for those willing to be patient, waiting for their pitch before swinging the bat. That opportunity may be coming soon, but are you ready for it? We are not talking about "timing the market," but being at the ready if/when stocks fall for no other reason than panic.
So, how does our weekly chart look? A modest pullback the last couple of weeks is completely understandable with investors nervous and worried. But looking at the chart from 10,000 feet, we see the long-term trend since October 2022 is still in place. That is not in dispute, nor is the fact stocks have been in an uptrend with higher highs, higher lows for months. There have been dips, and one more may be coming but they have all been excellent buying chances.
Are you ready?
