$SPY TOP 20
Added 2025-01-05 20:15:00 +0000 UTCVery similar commentary here and on the $QQQ chart so I will try not to overlap too much.
Price action did manage to make a lower low during the week but there was a very positive response directly after this happening so we are getting the retest of the 50 Day MA from below at the moment.
Tomorrow will be important, because we have the breakdown under the 50 Day MA and now we are getting the test from below, so if we see a rejection now under the 50 Day then this confirms the bearish trend, this will be the first test of the 50 Day MA from below too.
Likewise, flipping this MA to support then the bulls will have won a big victory and we would similarly need to see a breakout and retest of the 50 Day MA from above to show that this is then a support level.
So there is still a bit of work to be done here but right now, there is no rejection and no confirmation of the corrective wave A yet.
I added $NVDA last month and 4 other positions so I am playing out for the Melt Up scenario and I have not trimmed any of my other positions either, so I will continue to milk the market for any bullish behaviour before we lock down and position ourselves for a cold market correction.
So let's keep to the plan, it has guided us well to date.
+46% performance for the year for the Top 20 List is something I am happy with.
