The Long Investor

$SPY TOP 20

Added 2023-08-20 20:12:47 +0000 UTC

$SPY is starting to catch up with the $QQQ, as we can see that just about every stock is feeling the pressure at the moment.

This is why we only buy undervalued stocks, so that even if they pull back, it is an opportunity to add....especially when the pull back is due to the market sentiment and not the individual companies fault, $ZM being a perfect example.

I have not been concerned at any moment during this pull back, my only plan is deciding on where to allocate capital and I have been mainly just adding to my positions.

I have spent some time talking with people and helping them learn lately and there has been some concerns watching some of the chat in the groups, I think I have addressed this thoroughly during the week so I won't labour on about it again now, late on a Sunday night.

$SPY is still above the blue line which was a significant milestone to break above in June, it also retested this level a week later and bounced extremely well. So support is available there at $431, the question is whether it will hold $431 for a second time.

If not I have the 1 Fib at $423 and the yellow trend line just slightly below this.

Let's have a good week and let's not react within the first 20 mins of the opening tomorrow......this is where most traders make their money from weak hands and emotionally triggered people, we are better than this.