$SPY TOP 20

I have eliminated the corrective wave in its current state as it has gone above the previous high and that count can not be considered valid. My own opinions aside, the chart leads the direction and we can not ignore that it has crossed a very important threshold by going above the previous high and above a price that has not been breached since August '22.

In spite of a financial crisis that has collapsed a number of banks in the US and in Europe, which held more assets than all the banks that collapsed during the great recession in 2008 combined.....this potentially hazardous run of events, did not stop people buying into about 7 mega cap stocks and pushed them higher than anyone expected, these small number of stocks are so influential, that they carried the vast amount of the market higher and in spite of inflation staying high, debt ceiling negotiations, russian war in Ukraine and ongoing tensions between the US and China/Taiwan. 

The conflicting indicators between both the bull and bear camps were both valid, some of the greatest minds in investing and economics have struggled to grasp the indifference here, so if you are feeling confused about how the market could continue to climb in spite of the very obvious issues, you are not alone.

For the bulls now, holding above the blue line, breaking above the wedge and bear flag will be momentous too, above $436 and the bulls will be untouchable and they can end the year at $500, ending the year at a ATH.

I think again, the only thing holding this back now will be the debt ceiling negotiations collapsing, will the Republicans use this as leverage to collapse the market and weaken Bidens presidential re-election campaign?...yes possibly, it would likely be a straightforward win for Trump if this happens.

If the US defaults on their debt, this will catastrophically damage the stock market, all positions will be affected and our only issue will be, which stocks will we be buying in the buy zone.

For me right now, I won't be buying the $SPY, I prefer to buy individual stocks.