Did We Just See The Top?

by | Mar 5, 2024

It doesn’t seem to have registered on anyone’s radar yet, but it’s possible we have just seen the top of this market.

See, a pullback started in S&P during the last hour of yesterday’s trading…

It picked up steam in the after-hours session…

And it hasn’t stopped all day today.

Sounds bad, but when you zoom out on the rally we’ve had over the last 4 months it looks like a fairly normal little pullback:

 

 

It’s not even the biggest pullback we’ve had in the last 4 months.

All told, the S&P is only down 1.7% from yesterday’s high of 5149.67.

So why are we making a bigger deal of this than the situation might warrant?

Well, for over a month, Jeffry Turnmire has been warning of the possibility of a top at the 5150 level.

And while yesterday’s price action technically retraced at 5149.67, we’d say he called that target nearly perfectly. (just 33¢ shy of his target)

The question remains: What next?

Well, no one has a crystal ball.

But as Jeffry’s warned us: be careful. Take your profits. Set your stops.

And if markets start pulling back in earnest, remember you heard it here first.

— The Jeffry Turnmire Trading Team

P.S. 

WRITTEN BY<br>D.A. Gutierrez

WRITTEN BY
D.A. Gutierrez

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