The Long Investor

$SPY TOP 20

Added 2024-02-18 18:31:35 +0000 UTC

Let's start the TOP 20 updates with the market $SPY.

A number of indications are starting to pop up to show that people are starting to get cautious of the impending correction.

Bill Gates selling a considerable amount of his positions and concentrating into value stocks is a big one for me, inline with how Buffett has positioned himself too.

One heavy Mega Cap with Ai exposure, followed mainly by dividend stocks and in defensive sectors....this is a hallmark of a protectionist portfolio, who appears to be concerned with macro conditions and valuations in the market.

I do not expect members to start selling their positions right now because a melt up could quite easily come in this Wave 5 first before the correction.

So my plan is to wait for confirmation of a correction, a series of lower lows and highs, losing the 50 Day MA and completing where I have our Wave 5 target.

I will likely trim 50% of my $AMZN position when it has completed its Wave 5 and consider adding $SQQQ, Health sector stocks and ETFs and a number of Safe Havens stocks that I have added to our Safe Haven collection.

Right now, $SPY pulled back after hitting the yellow trend line on Tuesday and immediately started to recover, to finish the week testing the yellow trend line again....so buyers are still around and adding on any dips.

The price is also comfortably above the 50 Day MA which is also at the blue line at $480.

So I believe there is still one more leg up to complete Subwave 5 of Wave 5....before the correction begins.

I would be surprised if Subwave 4 is complete right now.

Nothing on this chart is showing any signs of that the correction has started already.