$MSFT TOP 20
Added 2024-04-28 18:40:39 +0000 UTC$MSFT is the Mega Cap this is most correlated to the $SPY and $QQQ right now.
Its chart is almost identical to the market
Which is a good sign because it gives us more insight into how this and the market may behave next.
Here and on the $SPY and $QQQ charts I have added in all the same indicator, I have added in a red 0.618 Fib line which is very close to each charts 50 Day MA.
Between this red line and the 50 Day MA is where I will be watching closely this week.
On the $MSFT chart, this is also exactly on the 50 Day MA, making this a very strong confluence level.
My charts have not changed in months, this is exactly where we were expecting $MSFT and the markets to pull back so I will not be altering my views because certain people just want the market to keep going up forever without any pull backs, this is simply not how the market moves.
So my chart stays as it always has unless it becomes invalid
Right now the price action is favouring a rejection at 50 Day MA but this needs to be confirmed.
$AMZN and $AAPL have got the power to pull the market higher and it would not be the first time they have done this (MARCH 2023) we need to be open to all possibilities.
