SPY
April 28,2024 15 Minutes.
For the fall 519.47 to 493.86
SPY
has retraced to 61.8% levels around 519.5 levels. Hence long only above 514-515 levels.
For the rise from 493.86 to 509.88
SPY
need to hold around 500 levels. For the last rise 497.49 to 509.88 $
SPY
need to hold 502 levels. Therefore, a retrace to 500-502 levels will result in 508-510 levels by which time the moving averages will converge.
Also 502 is 200 averages in 15 minutes.
For the week I expect
SPY
between 502 to 510 levels with a bias to 514 levels if 510 is crossed. On Monday a retracement to 505-506 levels will give an opportunity to long if close of first bar is near top of bar, assuming we open around 507 levels, which happens to be 61.8% for the gap up rise 505.7 to 509.86.
If gaps are not filled, then trend is strong on upside.