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- V2 Model August 20, 2022 CHANGE
Recap
A four-week winning streak for the market came to an end this week. The simple reason why is that the market was overbought on a short-term basis and due for a pullback. Of course, there was more to it than that. We must note that the S&P 500 was up as much as 1.1% for the week on Tuesday at 4,325.28. That was a whisker shy of its 200-day moving average, which provided some stern resistance and acted as a barrier to follow-through buying efforts.
The V2 Model was down this week. However, the core ratio is still in positive territory. It indicates that we stay long. There are some concerns with our faster time frame ratios and decreasing momentum. We are also approaching the historically weak month of September. As such we will make a change during Monday's session.
Performance This Week / YTD
V2 -3.2% / +4.92%
SPY -1.16% / -10.46%
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