SPY 16 02 2023
One hour chart
Gap down.
But recovered and closed near low.
So not a good bar.
SPY in range between 408-416 levels.
Consolidation or distribution will be known as per breakout.
Current low is 374.77.
Current high 418.37
So, for this retracement SPY is around .236 levels of 408 only.
Thus, can be considered bullish.
We can assume that a 5-wave count has been done from 374.77 to 418.31.
And ABC under play.
SPY below 9,21,50 and 100 Hourly MA.
So taking support at 200 hour is important which also comes around 403 levels now.
Today Friday 17 SPY bullish above 411 only.
Big resistance in 415-416 levels.
One hour chart
Gap down.
But recovered and closed near low.
So not a good bar.
SPY in range between 408-416 levels.
Consolidation or distribution will be known as per breakout.
Current low is 374.77.
Current high 418.37
So, for this retracement SPY is around .236 levels of 408 only.
Thus, can be considered bullish.
We can assume that a 5-wave count has been done from 374.77 to 418.31.
And ABC under play.
SPY below 9,21,50 and 100 Hourly MA.
So taking support at 200 hour is important which also comes around 403 levels now.
Today Friday 17 SPY bullish above 411 only.
Big resistance in 415-416 levels.