SPY
February 21, 2024 15 Minutes.
SPY
managed to hold 495 levels.. Made alow at 494.48. And that bat had a good close near the top of the bar. As we can see in the chart the fall from 502.86 to 494.8 was steep. Hence some sideways going on to catch up averages.
If I consider the fall from 502.89 to 494.48, I expect a resistance of around 49.5 levels, and if 494.2-494 is broken I have a target of 489-490 initially.
I will decide on my setup based on open today. I expect a trending one-sided move today
I will be buying around or reversing depending on my trade around 489-490 levels which is 200 average in 60 minutes.
From mid-November,
SPY
has managed to hold a 21-day average successfully in the daily time frame which is around 493 now, and hence the number 490.72 is important to maintain the HL in the daily time frame.