The Long Investor

$SPY TOP 20

Added 2024-05-19 18:54:14 +0000 UTC

$SPY continued its drift higher from last week and hit the $531 level, finished very close to ATH levels to finish the week.

I have moved the ABC correction past our Wave 5 target since a new high has been made.

A retest of this level will confirm that the drift up will continue to $550.

$NVDA reports this week on Weds after the market has closed and there was a big fan fare about the previous $NVDA report which results in a small pull back shortly afterwards but then rallied hard to $974.....finishing short of the very obvious $1000 level a lot of people were waiting for.

It has struggled since but so has the market and it appears they are in sync, so I expect there may be some volatility after the earnings report is issued but unless there is a drastic miss on expectations, I expect $NVDA and the market to continue higher for one last leg up...which should get the market to where the Fed will pivot.

Our charts are showing that this may happen between August - Sept, in line before the presidential elections in the US. take place.

The market has run very strong since its late April uncertainty so a pull back to test supports should be encouraged, so the yellow line at $524 or even the 50 Day MA should be expected shortly.