SPY
November 7, 2023. 15 Minutes.
SPY
uptrend movement getting tired. The move from 409 to 430+ was swift.
Now last few days sideways around the 433 level.
I am a moving average Fibs follower.
As can be seen in the chart the moving average of 100,200 is far away from the current value.
SPY
is holding the channel breakout. 100,200 are sloping upwards. For this breakout holding 430 is important.
SPY
made HH at 435.48,435.9 and 436.29. But oscillator 5,35 is not keeping with this.
So there is a divergence.
The stochastics have a black bar on top.
It went around 20 levels and is now above say 75 levels.
This happened without a black bar at the bottom.
So retrace buy is done as per stochastics.
As of now my upside is limited to 440-442 and downside to 430 levels.
For my trade setup to work. patience is the key. I usually get 1 or 2 trades a week. And the average says most of the trades are on Wednesday/Thursday.