The Long Investor

$SPY TOP 20

Added 2024-08-05 23:03:16 +0000 UTC

There was no way I could have predicted Buffett would sell 50% of his $AAPL holding, or that the Nikkei would collapse and fall -14% today, we followed the charts and the indicators we use to build a picture of how the market is behaving.

And the market played out by following our corrective count.

I think the $SPY will need to test its 200 Day MA at $500 before any Wave B bounce will come, It is simply in no mans land here and the selling eased off today once the $QQQ and $IWM hit their 200 Day MA's but $SPY has been lagging, likely due to rotation

I suspect it will need to touch it 200 Day MA however.

The 200 Day MA sitting at $500 is almost too perfect too, a psychological level that many will feel they are finding value by both hitting this number and the 200 Day MA......and I can not argue with that rule of thumb.