Here’s an updated list of stocks that make up SPY. The top 10 in green make up over 22% of the weight of SPY. The next 23 make up about 20% of the weight. So I focus mostly on the names in green, though understand that the banks (BAC/WFC/C) and healthcare stocks typically move together. Some of these are also on the DOW. Some of these are on NASDAQ.
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This is the current trend of SPY. As you can see we are near the top of the trend, which is an ATH so tough to break and also a lot of hesitation to break it. Last time we got a trillion dollar company (AMZN) we had a great fall. Just had another trillion dollar company (MSFT) will history repeat at the same top?
For AMZN it was about a month after first hitting 2000 that it double topped and came back down
MSFT’s setup is a bit different but we’ll see. Also SPY’s weekly chart is stronger leading up to 293.94. The monthly chart is also completely different as we see a golden cross but volume is a tad light to break out. ER next week will decide much.
290.52 is the same support line SPY broke out from before so good line to keep an eye on
