SPY
March 11, 2024 15 Minutes.
SPY
opened well on Friday. The first bar a close near the top of the bar. Broke the channel. On retest of channel top, it went below channel. Closed my position at 515.5 levels. Nearly at cost.
Now we will take 2 numbers in 15 minutes.
The rise 504.91 to 518.22
and thefall 518.22 to 511.14.
For the rise, it is important to hold 510 levels to keep the uptrend intact for a target around 515-517 levels.
At the moment I expect 515 to provide a resistance being 61.8% retracement for the fall 518.22 to 511.14.
SPY
is below all moving averages in lower time frames and hence is weak. It needs to cross at least 515 levels first. For the day I expect a range between 510 to 515 with a bias to the lower side for a target 507 levels which is 100 averages in 60 minutes chart.