Many people are ignoring the rally on the NASDAQ that's partly due to people shifting their portfolios to tech and pandemic safe stocks. Most of SPY
is in Information Technology and software. So My idea is that this mini "dot.com" rally will carry SPY
to all times high again because AMZN
, APPL, etc are considered safe. Investors are looking for re-entry into the market by a retest of some low and will simply not fomo with the market instead of just holding on to what they already have so If it does go back up there I expect it to come back down as hard and fill those gaps below. Well thats the bull case anyways. The Bear Case is scarier if the small caps do foresee the Future.