$SPY TOP 20
Added 2024-10-27 19:13:20 +0000 UTC$SPY managed to hold in this tightening rising wedge this week, saved by the 20 Day MA.
Losing this support and the next obvious support level is the 50 Day MA which is still at the previous high at $565.
A rising wedge falling to the downside will not be a good look and will likely spook many investors.
There is still room to move up this rising wedge even beyond the 1.618 Fib at $589 and the $600 level seems like a very obvious target by the end of the year.
The Melt Up Scenario will likely be brought on by very strong earnings, a Trump win and market euphoria until the inauguration in Jan '25.
But if we experience a Melt Up move, I will not be waiting for the top, I will start moving positions into Cash and Safe havens and we will be ready for the inevitable harsh decline.
Comments
so is 5830 not of importance?
AL
2024-10-27 22:21:41 +0000 UTCWouldn’t dips be short lived and likely be bought in the current environment?
JG
2024-10-27 21:29:37 +0000 UTCWhat is a “harsh decline” for you?
JG
2024-10-27 21:18:46 +0000 UTCWhile analysts expect above 10% return for S&P and we expect a 20% decline
Baktash Azizi
2024-10-27 19:27:10 +0000 UTCIn 2022 the concept of increasing rate and inflation opened the way to a big correction, now my the only thing make me think what will be the catalyst for this ABC correction!!
Baktash Azizi
2024-10-27 19:25:48 +0000 UTC
