$SPY TOP 20
Added 2023-05-28 19:45:46 +0000 UTCI simply can not ignore the elephant in the room that is that this entire move since the low in October is a corrective wave, it would be careless and reckless of me not to include both potentials, so my WXY red wave is included.
That being said, buyers continue to step in and buy the Top 10 stocks in the SPY, in spite of everything.
We have all seen the graphics at this stage of how the S&P is really performing when it is characterised:
The Top 10 stocks are 44% up year to date, the remaining 490 stocks in the S&P 500 are up only 1% year to date.
Is this realistic or sustainable?....genuinely, who knows, the blinkers for now are certainly on.
RSI and MACD continue to shown strain and the MACD is showing another potential reversal to the downside, while the RSI continues is downward trend.
So if you remain confused here, it is likely the makeup of the S&P 500 that does not always paint a clear picture.
