SPY
15 November 2023 15 Minutes
As written a couple of days ago trend change number was 438 levels.
Once it crossed we have to go long.
Now we will have some resistance around 451-453 levels being the previous high, before taking out 459 levels.
So
SPY
holding 444 levels short-term uptrend is maintained. Remember daily the stochastics black bar is still bottom, even though at present stochastics is greater than 75 no black bar on top yet. So daily until it happens it is sold on the rise.
For the day I will wait for a retracement to play out before I enter around 444-445 levels as long, with SL around 442.
That retracement represents 61.8% retracement and 50 averages too.
Since we have an oscillator divergence, the price is higher but the oscillator not keeping up, a retracement is possible.