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Stocks At A Major Directional Decision Point
In our previous September 25th Stock Market Update & Asbury Investment Management Video, we pointed out that the benchmark S&P 500 (SPX) was testing major underlying support at 3637 to 3588. Two weeks later, Chart 1 below shows that this support is still being tested. This indicates the market not only “sees” this level but also recognizes its importance.
Our work suggests that the US broad market’s next multi-month directional move — either up or down — is likely to begin from SPX 3637-3588.
Correction Protection Model (CPM): Risk Off Since Sept 13th
Now that we know major underlying support is at 3637 to 3588 in the S&P 500, the next question is which way?
For this, we turn to our tactical models: The Asbury 6 (A6) and the Correction Protection Model (CPM). This week, we’re going to focus our attention on CPM, which is one of the inputs that Asbury Investment Management (AIM) uses to manage client portfolios.
CPM shifted to a Risk Off status on September 13th. Since then, the S&P 500 has declined by 347 points or 8.8%
The Bottom Line
As long as CPM remains on its current Risk Off status, a breakdown below SPX 3588 is likely — and soon. And, if broken, it would clear the way for a potential, additional 5.4% decline to the next major support level at SPX 3394, which is also shown on Chart 1 above and represents the February 2020 benchmark high.
Asbury Investment Management (AIM): Our Latest Video
We Protect What You Have Spent A Lifetime Building
Here is our October 7th Video Review, which explains how we have recently utilized our data-driven models to professionally manage client portfolios. Our focus is on making sure your nest egg is secure and protected so you can focus on the more important things in life.
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Disclaimer: This is provided for information purposes only and is not intended to be a solicitation to buy or sell securities. The performance indicated from back-testing or historical track record may not be typical of future performance. No inferences may be made and no guarantees of profitability are being stated by Asbury Research LLC. The risk of loss trading in financial assets can be substantial. Therefore, you should carefully consider whether such trading is suitable for you in light of your financial condition.