The Long Investor

$SPY TOP 20

Added 2024-03-17 15:53:34 +0000 UTC

$SPY chart is not as brutal looking as the $QQQ chart right now but it is still showing a rejection at the 1.27 Fib at $516, so we are still seeing some rotation into other stocks in the S&P 500.

Taking from the top and trickling down through the system as sellers are reluctant to leave the market just yet.

On the $QQQ there is a clear move away from Tech however.

Price is still above the 50 Day MA here and the channel yellow line, so if both these levels are lost this week, we could see the first signs of Wave A coming in.

Until this happens, I don't think people should be looking at shorting the market because there could be any factors at play here that could keep the bulls fighting a little longer.....it is also election year and Biden V Trump is now confirmed....this will bring another variable for us as both will be vocal on policy decisions that could affect the market.

Biden certainly looks like he needs to do something soon to prop us his dwindling support.