The Long Investor

$SPY TOP 20

Added 2024-07-28 19:35:01 +0000 UTC

$SPY performed very differently to the $QQQ this week, the price dropped below the 50 Day MA but managed to recapture it late into the week and on Friday managed to retest the 50 Day MA from ABOVE and bounced

This is certainly a positive step for the bulls and showing a clear rotation out of Tech but keeping capital in the market and targeting companies that offer a higher dividend, defensive stocks and havens that historically benefit during economic and political influences on the market.....such as the health sector, $PFE for example had a great week.

Again, a lot will retest on how the $QQQ behaves this week and how the Mega Caps perform when they report earnings, Tuesday and Thursday will be the important days.

I have added the important stocks to watch under the $QQQ chart.

The $SPY however just needs to hold above the 50 Day MA through this most important earnings week and it will have passed a very vital test, so $541 will be the level to hold.

I suspect I will be adding $SPY a number of times this week to keep us all updated.