Yesterday the market started off with solid gains, building on the solid upward action of last. However the upside came to a head and then a shoulder, before pulling back into the afternoon. When all was said and done the S&P500 ended up basically flat on the session. The Nasdaq however had run into a level of resistance I was looking at early in April. One that looks ominous when viewed from a longer time frame.
First off those in the path of the Hurricane be safe, smart, and hopefully it swings as far out to sea as possible. Like a Hurricane, the market is unpredictable and requires caution as well as preparation. It also cares little about you, and fighting it is hazardous to your investment portfolio.
The top is in! ....until the market makes another top... and another one... and another one. First the market has to shake this bout of fear. Just a few weeks ago fear had never been so low, at least measured by the VIX. Despite all the drama and even aggressive comments and actions from North Korea, the VIX hit 8.84.