SPY
May 20, 2024 15 Minutes
SPY
managed to hold 527.5 as marked in char with a rectangle box.
SPY
making a series of LH, LL pattern. So considering the rise 527.33 to 529.5 must hold 527.5 528 levels for uptrend.
And if we take that fall from 531.52 to 527.33
SPY
need to cross 530 for any longs as it it represents 61.8% of retracement.
SPY
manage to close at day high of Friday and also close near top of bar. I expect a retracement to 527 527.5 levels before trying to cross 530.
On downside if 527.25 is broken, must hold 525.15 levels as it was gap up number.
If gap is closed, then we need to wait till 200 averages which is around 524 levels.