The Long Investor

$SPY TOP 20

Added 2024-01-29 00:49:00 +0000 UTC

$SPY and $QQQ are following each other remarkably now and comfortably above their ATH line.

No surprises from the majority of the Mega Caps this week and we can expect a movement up to Subwave 3 which should hit the top of the yellow trend line again, a channel which has been in place since the Bull Run began in October '22, so any breakout of this channel will indicate to us a very enthusiastic and optimistic market and the structure will start to look parabolic....this is also typical of Wave 5 as the masses double down on their holdings and start chasing further......these are the signs I will be watching for if the market starts overheating.

For now, I am not seeing any smart money selling right now, so I believe the market continues moving higher.

Any delay to cutting the interest rates by the Fed should help this move higher too and push our horizon along further for a correction as there is some talk that the Fed may not start cutting rates in March....this makes no difference to us, we will only sell when we start to see firm rejections and a change of trends....and we are not seeing that right now.