Spy 11/8

Ran all the way up to weekly resistance (White line) at 470. Still overbought on daily oscillators.

Mondays range

471 - weekly resistance
466.50 - Trendline support (Yellow line)
A drop below trendline and we'll be looking at fibonacci support at around 460



Main driver last week was tech, more specifically Chip sector. Friday we saw some circulation back into cyclicals with that October JOB report. With exception of INTC and MU all the rest of child are overbought so I don't know how much longer tech can bump this up.

Infrastructure deal passed the house but at only a fraction of the original 3.5 trill. Priced in ? I'll be watching Materials and metals.

Elon wants to sell 10%. This would be huge blow to the spy especially if we start to see some pullback in the chip sector. The better short on the news with Tesla would be to short other EV stocks as they tend to move with the sector leader .

XLV or health sector was the biggest loser on Friday, due in part to what looks like is a profit taking on all the vaccines makers. Vaccine pump at its end?