SPY
May 21, 2024 15 Minutes
For the rise 525.18 to 531.52 4SPY earlier had retraced to 527.33.
Being 61.8% retracement usually it will make double top.
On that basis
SPY
hit 531.56 today. It retraced to 529.17.
Therefore 527.33 can be treated as HL.
Now that number should hold for uptrend.
Hence if we consider the rise from 527.33 to 531.56
SPY
need to hold 528.5 - 529 levels to continue the trend. But we have oscillator divergence.
Hence holding 527 is important else we have a target 526-524, 524 being 23.6% retracement for the move 499.55 to 531.56.
Hence for the day
If 527 is broken i have a target 526 which is 200 averages in 15 minutes.
And if 531.75 is broken with good close on bar then target is 534.
I expect a one-sided move today based on open.