The Long Investor
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$SPY TOP 20
🕑 Added 2025-04-23 18:36:43 +0000 UTCMarket bounced strong at the opening after Trump changed his view towards China and Powell last night and just about every position went green today.
A press conference was held throughout the day and Trump spoke again, this time back tracking again slightly and more messages were released to the market from Bessent that suggested that it may take 2-3 years for a deal to be finalised, meaning to take effect fully I believe.
Tariffs will still remain in place and it feels like we are some time away from this mess going away.
Price action for the market has faded throughout the day and up +1.8% now, after being up +3% after the open.
Price has failed to make a higher high so far but we do have a higher low after holding at $508 yesterday.
Looking at this set up, I believe the price action can continue to move higher to our Wave B target as planned over the next few weeks which is where the 50 WMA is moving to at $564.
Between now and then we will have more Mega Caps reporting and this will likely continue to play a part on how the share price moves.
Now is not the time to be adding high risk positions, fundamentals matter, all it takes is for one tweet or one press conference to turn the market on its head again, this cannot be ruled out from this Administration.
I will strictly only be adding undervalued positions that are either below their 200 WMA or look to have completed their Wave C count and holding support and will not be adding any positions that are fundamentally overvalued by all metrics.
Comments
Dante
and there remains a variant with flat or triangle Or complex correction
Dante
Can we exclude that this correction will be zig zag? because we only have 3 waves down in wave A and if we go to wave B means - Zig - Zag not a option?
