SPY
February 8, 2024 15 Minutes
SPY
opened the gap up, broke 496, and made a high of around 498 levels. So far working as expected.
For the day I will consider
The rise 482.89 to 498.43
490.23 to 498.43
492.84 to 498.03
For the last rise
SPY
retraced to 23.8 levels and went up. So today holding the 495-496 levels uptrend is to continue possibly to break the magic number 500.
in 15 minutes we have 50 and 100 averages around 494 levels. That should be strong support for a retrace.
I am bearish in
SPY
below 485 levels only for the moment as in hourly time frame numbers. In the current up move after the consoldation of earlier V-shaped recovery, we a supported by a black bar on stochaticd to be on top, Elliott oscillator green, and CCI green.
In 15 minutes on a reversal below 493, support will be 490 levels being 200 averages, which also is a 50% retracement for the rise of 482.89 to 498.43
So the magic 500 number crossing today is very much possible.
I am long in
SPY
from 493 levels closing on 6th February 2024 for target 502-504 levels, SL 491.5 for the moment.