15 Minutes.

6 ago

SPY Aug 6, 2024

15 Minutes.

SPY managed to hold above 505 yesterday.

We take 3 numbers

The fall 554.86 to 510.28
The fall 533.17 to 510.28
The fall 523.58 to 514.9

For the first fall SPY made lL but oscillator also LL. Hence sell on rise probably until 538 is crossed.

For the second fall SPY even with gap doen yesterday SPY managed to retrace 61.8% arounf 523.5 levels.
Hence 510 should provide a good support today.

For the third set from 523.58 to 514.90 a retracement to 521 levels will give a change to short as it is also 50 averages.

On upside if 524 is crossed and we get a good close being near top of bar then 530-532 should be a target to aim as it will be approximately 100 200 averages number.

So, for the day i will go long above 524 and short 521 levels.