$SPY TOP 20
Added 2024-12-08 21:39:24 +0000 UTCThe only noticeable difference between the $SPY and $QQQ ABC correction is the time frames, $SPY is showing it can complete a lot sooner than the $QQQ, meaning the Tech heavy $QQQ may take a lot longer
This is why the $SPY is seen as a more complete position to hold as it is diversified over multiple sectors and not just reliant on one (Tech) Sector.
The $630 level seems like a reasonable expectation here, as it aligns with the rising wedge and some parabolic activity too and it is also the 2 Fib, this also aligns with Wall St's consensus for the market too in this cycle.
Right now, support was found on the 1.618 Fib, moving in higher highs and higher lows, comfortably above all moving averages and not at risk of hitting resistance or losing any important support levels.
EOY rally is very much in play here.
