The Long Investor

$SPY TOP 20

Added 2025-01-08 17:46:06 +0000 UTC

I think a lot of people are in the loop here but it is important to share that the 50 Day MA is becoming problematic so far for the $SPY

So far we have a rejection trying to stay above the 50 Day MA but we don't have a rejection underneath the $SPY just yet...a lower low below $580 next should have us concerned and the 200 Day MA at $556 then comes into play.

The 50 Day MA is a very good metric on reading the market but please bare in mind that this is happening right at the start of the earnings season

Market makers believe the sweet spot to buy good companies will be at their 50 Day MA, like we saw in the last earnings season for $AMZN, $GOOG, $AAPL and $NVDA and all rose a lot higher post earnings.

So it may not feel uncomfortable now but this is the market testing you and wanting cheap shares for now.....because there has not been a break down in structure yet or a clear rejection for Wave A.

Steady hands now, I have not felt the need to adjust my positions, in fact I am still leaning towards adding for the short term.