$SPY August 16, 2024
SPY August 16, 2024SPY achieved the target 554 being 1.618 extension.Nor if we take the numbers 493 to 565 to 510 100% extension is around 580 levels.
But the issue is 510 is 78% retracement for the rise 490 to 565.
Hence 566 crossing will be an issue.
SPY had 2 days gap up unfilled.So being strong move I expect resistance around 556 levels today.
We can see oscillator divergence. Hence i will be careful with new longs.
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