The Long Investor

$SPY TOP 20

Added 2024-04-26 11:04:04 +0000 UTC

In spite of the bounce in the PM, the price is only slightly higher than where yesterdays trading day started, as there was a large flush at the opening following $METAs difficult earnings….so very little has changed here.

But the plan remains the same, a test of the 50 Day MA is needed to tell us a lot of information.

I have circled in white when it happened in August ‘23 and we can also see it happened again in October ‘23, both times the price action rejected at the 50 Day Ma.

First time the price managed to get above but on the retest, it failed and moved lower,

So there is still more twists and turns here and $AMZN and $AAPL are still to report.

Nothing is confirmed right now, all we know for certain is that the price is below the 50 Day MA after starting Q2 and April very weak with some incredible moves in both directions by the Mega Caps….easy to navigate right?

This volatility is not something I would be playing around with, I always lean on the side of capital protection and joining the confirmed trend, I am in no rush and not in the market to lose money on gambles.

PCE is out shortly, it will be interesting to see if it follows CPI