The Long Investor

$SPY TOP 20

Added 2024-08-18 20:22:55 +0000 UTC

$SPY I believe has looked a lot stronger than the $QQQ tech sector, it has burst through its 50 Day MA and retest level this week and is making a run at its ATH level at $565.

The Wave 5 levels have not changed on the chart and if the bulls can make a new ATH then I would expect in normal circumstances that the price can continue to our Wave 5 target at the 1.618 Fib at $589.

If there is a 'Melt Up' and we have spoken about this a lot this evening, then the extreme target level is at the 2 Fib at $632.

Any rejection from here by way of a retest of the 50 Day MA and not holding this support level at $544 or a rejection trying to make a higher high above $565 then we need to consider that then ABC correction is back centre stage again.....but $SPY has certainly looked stronger than the $QQQ

Please have a read of the $QQQ commentary and I discuss there my exposure to both outcomes and how we are aligned with many of the superinvestors now.

I am still in 50% Cash and I also have a large Silver position which will be used when the market completes its correction

Right now we are happy with our positions and exposure to all scenarios.