$SPY TOP 20
Added 2024-04-28 19:15:37 +0000 UTCI think we are all aware of the plan now, I spoke at length about this on the $MSFT chart and just now on the $QQQ chart so please read both charts to get further comments on my thought process going into this week.
It is a big week with a serious test coming up, mixed with some big Mega Cap hitters reporting their earnings and the Fed deciding on whether to change the Interest Rates.
It does not get much bigger than this.
Again I have added in the red 0.618 Fib line and also showing how the price action behaved in August to this exact set up.
So between the red line and the 50 Day MA I will be watching very closely this week.
Bulls want the price to hold above this level and bears want a rejection, it is as simple as that
My thoughts from the $QQQ chart:
I am clearly showing where I believe the market is going because I made this chart over 7 months ago and it has not changed....before there was any question of resistance or support levels needing to be tested so I will be sticking to my projection unless things change.
I rarely get influenced by any opinions because I work hard to determine my own hypothesis and if it does work out, great and if it doesn't we will assess what went wrong and learn from it
But nobody knows exactly what will happen here, we can only manage our risk to this uncertainty.
And right now I have managed by risk by staying majority in cash and only holding stocks that should perform well during a correction.
