$SPY TOP 20
Added 2024-07-14 18:03:36 +0000 UTCBig event obviously happened yesterday evening with the assassination attempt of Trump, maybe 1 CM separated the difference between utter turmoil in the political landscape....Trumps reaction immediately after the event showed a stark difference between a weak looking Biden right now to a fighter and resilient Trump.....Bitcoin immediately popped after this event, which signaled that the markets believe Trump has the advantage now going into the election and we may see a follow through of this in the markets at the opening tomorrow.
I personally believe that the Democrats must now put forward a new candidate that can rival a rejuvenated Trump and then the race is back to 50/50 split again. This is just a view and it is impossible to separate the markets from politics, Presidential elections heavily influence the markets.
$SPY experienced more rotation this week which is why we did not see a large drop like the $QQQ chart on Thursday (-2%), showing again the resilience of this market; that money would rather stay in and rotate than move out right now.
A retest of the $550 level is still possible but there are no signs of a break down here in the market whatsoever.
Large breath now between the price and the 50 and 200 Day MA however, a melt up seems more likely first than a breakdown currently.
Earnings season starts heating up this week now, with some big players reporting: $NFLX, $TSM, $UAL, banking sector, $JNJ, $HAL and $UNH etc.
So large and Mega Caps will be reporting, they will influence the market, so we'll be ready for these during the week.
