SPY
December 5, 2023 15 Minutes.
As expected
SPY
could not hold the levels as it opened the gap down. If we consider the fall 459.32 to 454.36 then it has retraced 50% to around 456 levels.
If we take the last rise then 445.5 to 456 must hold today for uptrend to continue the HL HH pattern.
I expect a trending day today based on open values.
As the closure is above all moving averages I expect a range today from 456 to 458.5. Once either side breaks it will be a one-sided trade for the day with a low being 453-454 levels only.
That level is moving average support in higher time frames like 30,60 minutes as they are sloping upwards.