15 Minutes AS expected box sideways was broken on Friday. I closed longs around the 501 level, as SPY was struggling around that level for more than one hour.
Now for the day, I will take 2 rises. 499.33 to 501.65 495.36 to 501.65 Unfilled gaps denote a strong rally., hence I took 495.36 as low.
As long as 499-500 is held uptrend is intact. On the lower side, I will sell below 497.5 only at the moment.
Being a moving average and Fibs trader I expect AMEX:SPY to be capped around 502-503 on the upside and 495-496 on the downside being 200-100 sloping upwards levels for the moving averages.
R: R is not good for shorts today. So no trade day for me.
As the moving averages are far away need to consolidate before the next move.
The bullish is supported by a black bar on stochastics on top, Elliott oscillator green, and CCI green. So not the right time to short.
However, on the daily time frame, as long as 480-485 levels held my target I still 540.