SPY
October 7,2023 15 Minutes.
Option buyers as expected made their $$$.
9,21,50 and 100 were converging around 423 levels. Buys was trigerred.427-429 target was achieved.
We had a steep fall from 444 levels.
So consider the fall 444.43 to 420.19 and the rise 420.19 to 431.12.
For the rise we need a retracement to 425 levels which is not only 38.2% retracement but also convergence of 200 and 50 averages. You can see similar convergence in 3 ND 5 MINUTES too.
For this uptrend to continue we need 420.6 - 420 to hold.
Price cannot go far away from 200 averages for a long time and convergence of averages gives a good move if we can catch the trend.
I expect a retrace to moving averages on Monday.
This is one advantage with lower time frames like 15 minutes.
Since Elliott oscillator is green, CCI Green and stochastics black bar on top a retrace is a buy as long black bar is not at bottom at retrace.
I am trading for a setup buy around 425 levels for 432-435 levels for the week.
I am not very bullish on daily yet.
On March 13, 2023, NASDAQ:SP$ made a similar 10$ mover from a low 380.
But I fell the chart setup was different compared to current setup.
I still have sell on rise in daily. Hopefully coming week should give us more clarification.