SPY - Top 10 Holdings - Compared with Overall Market
Here we have the top 10 holdings within the SPY ETF,
~ MSFT
~ AAPL
~ AMZN
~ FB
~ BRK.B
~ GOOGL
~ GOOG
~ JNJ
~ JPM
~ V
These represent 25.23% of total assets within the ETF, by combining them we are able to get a gauge of what the market movers are doing compared with the entire index.
The first thing you will notice is the difference in retracement levels, between the top 10 and the broader market, this is not surprising, but it is interesting.
For the top 10, we are sitting just shy of the 78.6% retracement, whereas the broader SPX is just shy of the 61.8%.
The second thing you will notice, is when the chart scale is measuring percentage gain, the top 10 are actually doing VERY well relative to the broader market.
This difference is even clearer when a baseline chart is used.
I have also done the same thing with the FAANG stocks (FB, AMZN, AAPL, NFLX, GOOGL).
Look at that!
If you ignore that pesky "real economy" we are back at all time highs!
The difference between the curated FAANG stocks, the top 10 and the broader SPX is quite startling
A better lesson in why "diversification" is just a tool to part fools from their cash, i have yet to see.
The other observation i can see, is that both the FAANGs, the top 10 and the broader SPX are all looking a tad extended, the FAANGs have gap filled and have put in a rather ordinary looking closing candle.
The top 10 is just shy of gap filling and appears to be struggling a little at the 78.6% and the SPX looks like it might be able to get to the 61.8, but will likely struggle from there.
Overall, i am expecting to see some more potential strength, but only marginally, before either the markets enter a more choppy condition, or they roll over and look to retest their prior lows (SPX that is).
In any case, all three markets from the "cool kid" FAANGs to the "above average" top 10 to the "bastard stepchild" SPX are looking like their relief rallies are a little long in the tooth, that being said, with the Fed printing and propping up these markets, a melt-up is not off the table and is a scenario i will be watching carefully.
-TradingEdge
Sources:
https://finance.yahoo.com/quote/SPY/holdings/
~ MSFT
~ AAPL
~ AMZN
~ FB
~ BRK.B
~ GOOGL
~ GOOG
~ JNJ
~ JPM
~ V
These represent 25.23% of total assets within the ETF, by combining them we are able to get a gauge of what the market movers are doing compared with the entire index.
The first thing you will notice is the difference in retracement levels, between the top 10 and the broader market, this is not surprising, but it is interesting.
For the top 10, we are sitting just shy of the 78.6% retracement, whereas the broader SPX is just shy of the 61.8%.
The second thing you will notice, is when the chart scale is measuring percentage gain, the top 10 are actually doing VERY well relative to the broader market.
This difference is even clearer when a baseline chart is used.
I have also done the same thing with the FAANG stocks (FB, AMZN, AAPL, NFLX, GOOGL).
Look at that!
If you ignore that pesky "real economy" we are back at all time highs!
The difference between the curated FAANG stocks, the top 10 and the broader SPX is quite startling
A better lesson in why "diversification" is just a tool to part fools from their cash, i have yet to see.
The other observation i can see, is that both the FAANGs, the top 10 and the broader SPX are all looking a tad extended, the FAANGs have gap filled and have put in a rather ordinary looking closing candle.
The top 10 is just shy of gap filling and appears to be struggling a little at the 78.6% and the SPX looks like it might be able to get to the 61.8, but will likely struggle from there.
Overall, i am expecting to see some more potential strength, but only marginally, before either the markets enter a more choppy condition, or they roll over and look to retest their prior lows (SPX that is).
In any case, all three markets from the "cool kid" FAANGs to the "above average" top 10 to the "bastard stepchild" SPX are looking like their relief rallies are a little long in the tooth, that being said, with the Fed printing and propping up these markets, a melt-up is not off the table and is a scenario i will be watching carefully.
-TradingEdge
Sources:
https://finance.yahoo.com/quote/SPY/holdings/
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