The Long Investor

$SPY TOP 20

Added 2024-12-01 18:24:05 +0000 UTC

$SPY and the $QQQ continue to move in sync right now and their chart commentary is very similar.

Both are in rising wedges
Both are holding above their previous high levels
Both are above the 50 and 200 Day MA's
Melt Up scenario is still possible for both
And both are not showing any signs that a top has been hit yet

In fact the $SPY has been able to make higher highs and higher lows and looks like it has converted the 1.618 Fib at $588 to support.

The Melt Up level is more realistic here by end of year compared to the $QQQ but the $SPY typically moves slower however, so we may see a spill over into the new year too....this also aligns with Trumps inauguration which is due to take place on the 20th of Jan.

So there is still money to be made right now before the correction but let's not take our eyes off the ball and get complacent, I will continue to add to safe havens and not sell these positions

I will also continue to let my winners run and look for opportunities to enter that are not in Wave 5 and have not been following the market to new ATH's.