The Long Investor
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$SPY TOP 20
🕑 Added 2025-02-27 23:12:31 +0000 UTCI know some people will be concerned with the market right now and feel that the market front ran the earnings season and more important the $NVDA ER but we can not assume that the correction has started already because of some selling this week.
The $SPY is only back at the price it was at in late Jan.
We knew that there would be some resistance at $610 and on the regular chart we use, we can see that it is an ascending triangle under the $610 level too, only when this level is flipped to support can we consider the Melt Up scenario playing out.
But I am not about to liquidate my portfolio and go nuclear while all of the important moving averages and in particular the Weekly MA's are not lost and rejected yet.
I have studied all previous market corrections and what to look out for, corrections can take weeks or even months to be confirmed, so right now, we let the price action and bulls continue to fight.
There is no trigger right now to collapse the market and I maintain that it will likely be new information that the market does not know about that will trigger this....eg. a bank collapsing.
For now, we can add to our safe havens for comfort, monitor the price action and steer clear from very high risks positions right now, which is what we typically do here anyway.
Comments
DiegoTheSabre17
This is a timely post and helps calms the panic that started stirring in me!
Kat
always appreciate your input!
JessyyRabbit
thank you for your sanity
Julien
True
Gareth Neary
Certainly should be a positive contribution
TommyJR
Credit Spreads are more than fine too btw .. no stress plus rates are coming down .. it's all setting up for W5s and a blowoff I wonder if the peace deal getting signed between UKR and RUS might be the reversal ?
Gareth Neary
Would you typically sell a strong asset under its 200 WMA?
A P
relief reading this, I was having second thoughts about long positions with rapid sell off in market. Thanks!
Julien
Risky position, what do you think about BTC and ETH? Should we sell?
