$SPY TOP 20
Added 2024-03-24 18:41:09 +0000 UTCI am still not seeing any massive outflows from the market so far and in spite of the damaging weakness from $AAPL and $TSLA on this market, the market is staying resilient, so this must be a rotation into larger and mid sized companies in the S&P.
There is also a clean break above the 1.27 Fib level this week....this bodes well for companies like $PYPL, where investors are looking to relocate their capital into more undervalued positions right now.
As with the $QQQ, a retest of the 1.27 Fib will tell us all we need to know, as this too was a resistance level for the last 4-5 weeks, so flipping this to support will indicate that Wave 5 is not complete yet and a move up to $545 is possible...we will need to see the retest first and how it handles $516.
