The Long Investor

$SPY TOP 20

Added 2024-07-07 17:36:47 +0000 UTC

As always please review the $QQQ and $SPY charts together, both charts I use as an opportunity to add extra commentary for the week ahead and this week ahead will be a busy one as we lead into earnings season.

CPI June print is out on Thursday too, which will always make the market uneasy until the information is out....and this is Presidential race season too, so these prints matter, they will get extra air time and used as a stick to attack each candidate.

A lot of variables exists right now, CPI, Earnings season, whether or not Biden stays in the race, interest rate cuts, international influences, crypto decline and commodities moving higher.....its almost as if anything that could influence a market is all happening at the same time and the market is at ATH levels....what a time we live in.

So like I said on the $QQQ chart, doing nothing is always a good option, no break down of structures and there is no need to do anything, don't get played into reacting....this is where institutions make most of their gains, from weak hands getting triggered from uncertainty, let the charts guide you.

$SPY has broke above is 1.27 Fib and the next test is the 1.618 Fib at $589 which is certainly melt up territory, a strong earnings season can do this.

Enjoy the week!