$SPY TOP 20
Added 2023-12-24 17:17:14 +0000 UTC$SPY gave us an historical EOY rally which surprised everyone with how much force it had, on the brink of near collapse in the last week of October, to pushing to new all time highs into the last week of the year, it has been a turn around for the ages.
RSI hit 86 on the 14th of Dec, further showing the strength of this run. Not since the post Covid Low rally, when the US flooded the system with trillions of dollars has the $SPY seen its RSI this high.
We maintain the view that the all time high line will offer some resistance and we have seen cracks in the last week of certain weaknesses when there was a flash sell decline on Weds, this could be early warning signs too.
But getting Subwave 2 to come down to $450 and hold as this support line would be perfect to go higher for Subwave 3 next.
Either way, any pull back will just be a relief before going higher, this is the main point.
