SPY
June 10, 2024 15 Minutes
On Friday as expected rectangle breakout happened with retrace and high also was 536.9.
As seen in chart the oscillator 5,35 still has not worked out as expected and
SPY
finding it difficult to break out on upside. AT the moment we are having 100 averages around 533. So holding of 532 is important today.
For the last fall from 539.9 to 533.49 4SPY retraced 61.8% to 535.44. Hence uptrend today only on crossing 536.45 levels for a target 538-240.
On downside i expect 529-530 to hold if 532 breaks being 200 average supports. It also happens to be 50 and 100 moving average support in 60 minutes time frame.
In one hour, we can see clearly. It was a steep rise from 518 to 535. Hence a sideways time correction in progress.
So, for the day buy above 536.5 fir 538-539 and sell below 532 for 529-530.
Not much of a R: R so I will not trade today, unless I get a good bar in 15 minutes, close near top and good volume.