$SPY TOP 20

I have decided to separate the Economic Calendar update now and it may even develop into a Newsletter every Sunday too, the $QQQ and $SPY charts deserve their own separate commentary.

The Market is showing mixed signals now:

PROS:

1. We have entered an historically bullish period in the year

2. Usually post US election, there is a year end rally

3. RSI is at 43, so it is nowhere near overbought right now, in fact it is in the perfect position to rally from here.

4. 50 Day MA has not been lost yet

5 A retest of the $565 previous ATH level has not even been tested yet.

6. Analysts still bullish on Tech and the market to +$600 EOY

7. Earnings were not bad, still growth and Capex is expected to stay strong....guidance did not raise any alarm bells either.

8. $NVDA is still holding the market up.

CONS:

1. Inflation is starting to worry investors

2. Harris gaining ground in the final days seem to be upsetting the expectations of the market

3. A break down out of the rising wedge on the chart, after just falling short of an important resistance level at the 1.618 Fib.

4. Harris win will likely not create the same spending expectations as Trump

5. Harris is in office now and two wars were able to develop and escalate....so the market may feel that four more years means more of the same.

6. I think many are expecting a correction but felt it would be delayed until the new year if Trump was elected

7. Both candidates will NOT stop the ABC correction from happening.

8. $AAPL and $MSFT are the legacy market leaders and their charts are breaking down

9. Buffett is selling like crazy and now has $325 Billion in Cash, he has also stopped buying back his own shares in Berkshire because he believes the company and the market is overvalued

10. The best case scenario from this is that he is 2-3 months early.

11. $TLT, Oil, US 10 YEAR, $VIX are all showing that the landscape is not calm right now, it is an unsettling atmosphere

12. Druckenmiller and PTJ are betting against the views of the FED.

Weighing all of this together, it is not clear which direction this will go next, losing the 50 Day MA and rejecting below this level this week at $568 and we could see a harsh drop down to the 200 Day MA at $535.

A positive reaction to the US Election and $589 is tested.

Too tight to call right now......like the election.