The market drop over the last two days was significant and I now view short-term risk to be elevated. The S&P 500 index has fallen below the uptrend line that I highlighted in my March Newsletter and is now below its 200-day moving average. This moving average is commonly viewed as the dividing line between bullish and bearish market environments. Thus, this move puts the index in the bearish camp.
Over the past couple of trading days, I reduced our market exposure to a very low level. If the market recovers and advances strongly above that moving average and market technicals improve, I will consider adding back market exposure.
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