SPY
May 14, 2024 15 Minutes.
As expected, the oscillator divergence is playing out. Sideways until sorted.
Yesterday we had a gap up open and could not sustain and the first bat had close near low of bar.
We have 9,21,50 and 100 moving averages around 520 levels. 200 is about 517.
For the day if SPY opens gap up above 522.7 I do not expect it to sustain. I will watch the first 15-minute bar closely.
I still am biased towards 518-515 correction. If 519 is broken on downside.
If for any reason, we do have tight range today.
Tomorrow Wednesday we will make good few dollars.
For the day I will have a target 523.5 to 524.5 for
SPY
above 522.75 with good close in 15-minute bar and on short side 517 - 518 if 519 is broken. So, considering we have only a 2$ range on both sided i will sit out and watch today.