SPY March 29, 2024


Again SPY did not retrace to expected levels.

Considering the rise from 518.4 to 524.61 and 519.84 to 524.61 we find 522.5 to be an important level being approximately 38.2% retracement levels for the rise.

Since 200 is sloping upwards 521 should be strong support on any retracement as of now.

And in the process SPY made ATH.

As a trader since the close was near the lows of the day not a good sign for the moment.

If we do not have any gaps at open today I expect SPY to consolidate between 522 - 524 levels so moving averages can catch up for a move towards 526-528 next week.

I had taken the February low of 491 levels as an important number to hold to maintain the uptrend.

For the move 490.72 to 518.22 to 509.36 and for the move 508.36 to 522.6 to 518.40 we have 525.5 to 528.5 as 61.8 extensions for the rise.

But I am a little worried as in the daily time frame the 50, 100, and 200 averages are around 500,480,460 levels.
For me, it is a danger signal.


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