$SPY TOP 20
Added 2024-08-02 11:26:01 +0000 UTCI am most interested in the movement of the $SPY instead of the $QQQ right now, as the $QQQ has convincingly lost its 50 Day MA and is moving towards its 200 Day MA....whereas the $SPY still has a chance to regain its 50 Day MA.
Over the last week, the $SPY has lost its 50 Day MA 3 times but has been able to recapture in the first 2 times, now in the PM it is lower again after earnings yesterday evening.
So the brief from last weekend is still active and continues as shown, we need to see the $SPY convincingly lose its 50 Day MA and on the retest of the 50 Day MA from below, we need to see a rejection, this has not happened yet.
ONLY then can we confirm that the wider market is into its market correction.
We know that the Tech sector, the $QQQ, is under enormous pressure and the weakness is clear but for the $SPY, we could see a lot of rotation into safer positions, outside of Tech and this could delay the pull back or even allow the $SPY to move sideways.
