The Long Investor

$SPY TOP 20

Added 2024-01-17 18:38:42 +0000 UTC

$SPY behaving very similar to the $QQQ chart now, pulling back as it approached the blue line, which is the all time high level at $479.

I do not think anyone is surprised by looking at this chart and the aggressive run from the start of November that a pull back has come at this particular level.

I believe a pull back to the 50 Day MA here can be expected at least too, which is in line with the $QQQ chart too.

This also would only be a mild pull back too as Subwave 2 and Wave 2's typically pull back to the 0.618 Fibs...which would be close to the 200 Day MA on this chart.

As long as the pull backs continue in a controlled manner, they will present opportunities to buy or add to our positions.