$SPY TOP 20
Added 2023-12-03 19:48:18 +0000 UTCI believe that the $SPY has been able to hold up extraordinary well this week because although some of the Mega Caps slowed down and pulled back, the rotation transferred into Large Caps in the S&P that had not moved yet in November, $ABNB and $PYPL being two perfect examples.
This encouraged new buyers into the market to take advantage of these stocks that were starting their run.
The strength of the $SPY is almost beyond belief right now and even more so now that the price action has been able to hold above the white trend line at our Wave 1, which was looking like a battleground for the the bulls and bears.
The bears are still asleep.
I do not want the price action to keep running like this however, I do not think it is healthy and it is rare.....rare is unpredictable. We like charts that we can manage and take advantage of.
I would not be chasing here buying the market.
I prefer my strategy to continue buying and prioritising stocks that have started their run or still undervalued, this is why I added $PYPL under $56 and have not added $AMZN and $AMD.
This is also why $BABA is high on my target list right now, once support is held above the 0.78 Fib at $71.
