15 Minutes.AMEX:SPY Aug 6, 2024
15 Minutes.
AMEX: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 AMEX:SPY made lL but oscillator also LL. Hence sell on rise probably until 538 is crossed.
For the second fall AMEX:SPY even with gap doen yesterday AMEX: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.