$SPY TOP 20
Added 2024-08-25 19:45:04 +0000 UTC$SPY is just $2 away from hitting its ATH level now, so very little is needed to hit this point, as we lead into the last week in August and important earnings this week.
Again, this is a Tech heavy reporting week so please review the $QQQ in conjunction with this commentary.
$SPY will need to break above the $565 level and flip this to support before it can run to our Wave 5 level at the 1.618 Fib at $589.
This would be the normal level for Wave 5 to complete at.....if there is a bullish euphoria in the market then the 'melt up' level is at the 2 Fib at $632.
If we see a rejection at the previous ATH line this week, we will also be looking at a retest of the 50 Day MA here too, like on the $QQQ chart, which would also be in line with the historical weak sentiment for Sept.
Very little we need to do to prepare for this market this week, let the price action either gain support or reject at a resistance level before needing to take action
We will primarily live in the 'take our time' approach to investing and let the price action confirm its direction before needing to take action
The market sell off at the start of August was violent, some moves were not seen since the 2020 Covid Crash but there was very little we did bare trim $AMZN and just stuck with our positions and then added when the selling pressure eased off, adding back $AMZN too at $160....this is something I am very happy about, that our portfolio can withstand shocks like this and be largely unaffected, this bodes well for our long term strategy.
