$SPY TOP 20
Added 2024-06-30 19:45:47 +0000 UTCThe $QQQ chart I have just uploaded is looking a little stronger as the price holds above an important Fib level, unlike $SPY holding below its 1.27 Fib at $550....in spite of that, it finished the week testing its All Time High line again at $550, which is a good sign going into Q3.
Earning season will kick off in less than 2 weeks too, so there may be some calm before the storm until then.
If $SPY struggles to get above the $550 level, we will likely see some rotation throughout the market, I am not seeing any indications to suggest that a pull back is coming this week just yet, so a consolidation sideways may be more appropriate.
RSI is now at 72 on the daily, down from a peak of 82 next week, which is now a lower low since its high in Dec ' 24 at 86....further signs that we are in Wave 5.
Interestingly, the weekly RSI is at 78 too....so by this metric, the market is overbought and not a lot of value is left here to take advantage of.
Let's have a good week and stay disciplined.
