SPY
May 15, 2024 15 Minutes
The SPY is not retracing. It is resolving divergences and aligning moving averages through sideways movement.
Now as expected once 522.75 was crossed we are back in business.
I will consider two numbers.
The rise from 515.15 to 532.582 and 520.56 to 523.82.
Maintaining a hold at 518.5 is crucial for the former, while for the latter, 522 holds significance. Currently, 522 represents the 100 averages over a 15-minute span. Therefore, with this hold, my target ranges between 524.5 and 525.5.
Hence for the day I will buy on a retrace to 522 - 522.5 levels for a target 524.5 to 525.5.
I anticipate a retracement since the last bar reached the high of the day and closed near the low of the bar. Technically, I should only buy above the high. However, I am considering a retracement buy if it occurs.
On downside if
SPY
breaks 521 I will short for 518.5 being 200 averages in 15 minutes. Even though today I have only $2 on either side, I am willing to take a trade because the box has been broken and the sideways trend has ended.