Chart Talk {02.22.18}

Here's an updated chart of the S&P 500, again fromTradingview.com although the annotations are mine.  You can also double-click on the chart to make it larger if you would like.  As I've noted above it looks to me like most recently sellers have hit the market even on days where it has closed higher.  Major indices were up substantially more earlier today and were up yesterday before reversing in the afternoon on interest rate fears.  I think this is currently indicative of a market in a consolidation phase and also one that could potentially retest its earlier lows before trying to rally back to at least the old highs.  Of course there's no law that says this has to pan out exactly this way.  One clue on the near future will be to see if markets can break though that trendline we've shown on the chart above.

I will work on how you should be thinking about your portfolio next week.  Had a few glitches in the system that kept me occupied these past few days.

Back Monday.

Long ETFs related to the S&P 500 in client and personal accounts.  Short S&P 500 in a personal account as part of a separate individual strategy.