The S&P500 sits at all time highs, but is extended from support (historically speaking) and represents a critical price level of Elliott Wave analysis.
I honestly don’t know which EW count is correct...and most likely no one will until after we see the depth of the next correction.
What we do know is that the current rally has been really kind to tech stocks and other COVID plays. Your allocations may be a little out of whack, so it’s probably a good time to take some profits.
More commentary after the jump... Stock Market Outlook - Week of August 23 2020
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