Head’s up: a big change could be coming

Be smart about this one

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Today is pretty straightforward: I want to warn you about a potential pullback in the market, and talk about how you should prepare. We’ve been on a relentless bullish run for the last few weeks, but that might be coming to an end soon. Let’s look at this chart of the S&P 500 right here: I’ve got us coming up into major resistance around 4654.  It’s highlighted in mint green on the chart because it’s an “ideal” target. The 4611 line below that is another resistance point. Now, we don’t have to stop at the 4654 level, but it is a significant resistance point in the market. And that means we may see a retrace back down to the 4500 level. It could even go as low as 4489, or even 4400. Where you see the diagonal white line on the left side of the chart, that was when the FOMC meeting took place and the rate hike was formally introduced. At the time, I warned we would either break out or break down imminently.  We broke out. And now, after two weeks of running hard, we’ve come up to another major resistance point. Personally, I’m expecting us to see a bit of a pullback Even if we run higher, up to 4700, I still think a pullback is to be expected. I personally lightened up on my longs yesterday. My recommendation is that people do the same, and be cautious about being overly aggressive right now.  Because even if these are just corrections, they can feel like a “crash” if you’re not prepared for them. This doesn’t mean you have to panic or clear all your trades. Just be smart. Tighten your stops and don’t be too aggressive. This won’t last forever. But for the time being, it’s smart to be patient and cautious. Hope the markets treat you well today, Manage Your Email Preferences Unsubscribe This email was sent by: InvestPub 495 Town Plaza Avenue Ponte Vedra Beach, FL, 32081, US Update Profile We respect your right to privacy. View our policy. Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor. Daily Profit Publishing and Jeffry Turnmire do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor. We are not licensed to provide you personalized investment advice. Nothing in these communications should be construed as personal investment or financial advice.