$SPY TOP 20
Added 2024-03-31 14:56:17 +0000 UTC$SPY rotation continues here, capital continues to stay in the market but moving between overvalued to more valued positions.
This entire Wave 5 has been fast and extreme with very weak pull backs, doing the very minimum in terms of pulling back, showing just how aggressive this rise has been since the 1st of November '23.....and very typical of Wave 5, which attracts the latest chasers rushing back into the market out of fear of missing out.
We are also seeing a rise in interest towards crypto and alt coins, which is also a sign of newish traders and investors coming into the market, they appear also way too late....as they chase the potentially fastest gains first before they realise that the true path to wealth is investing in more established companies....some people never reach this stage.
Here the 1.618 Fib at $545 can not be ruled out, it will be interesting to see how the market behaves to the PCE data that got released on Friday and it being the first day of trading in Q2.....China also reported a strong manufacturing report today, its strongest since September, so this may set the tone for the markets for the day too across the globe.
