SPY
February 13, 2024 15 Minutes.
As expected 500 was held on the downside and the upside was capped around 503 levels.
I will consider one rise and fall respectively.
497.86 to 503.5 rise and 503.44 to 500.24 as fall.
For the rise
SPY
retraced to 61.8% so I expect 503 to be a triple top before a retrace. For the fall 502 will be a good level to shop with SL 503.7
200 averages in 15 minutes is around 496 levels sloping upwards.
So for today if 500 is broken I expect a 3 $ move on the downside.
This is supported by the rise from 490.23 to 503.. 496 is a 61.8 retracement value for that rise.
On the indicator side, we have stochastics black bar on top, stochastics trying to go up without a black bar at the bottom. For me, it is a retracement buy. But Elliott's oscillator is red and CCI red negating the same.
So today I expect a fall.
I will short if 500 breaks for a 2-3 $ trade.
If the bars are good.