SPY
December 22, 2023 15 Minutes.
As expected
SPY
retraced to 472.5 levels. But two things happened. First was a gap up to 472.3.
Retraced and we had a sell bar, 4th from open.
We are in a bull market, and due to the gap up we can target only 469 levels ner gap-fill levels.
In due course, we had a bar making a low of 468.84 which also happens to be a 78% retracement level for the rise of 467.82 to 472.44.
This bar closed ner top signalling reversal with SL 468.75.
Also, stochastic which had a black bar at the bottom had once more come down to 2 levels with no black bar at the bottom indicating sell was over.
Now considering the rise from 468.84 to 472.89 we can add longs around 470.5 - 471 levels and the uptrend continues until 469.6 is held in 15 minutes.
For the rise of 454.31 to 475.89 which is very prominent in 60 minutes holding 467.5, we are in an uptrend. As we can see
SPY
had retraced to 467.82. As per the daily bar
SPY
needs to cross 475.89 to continue upwards, as the close was ner low of day for that bar ending the day with a long wick. So at the moment, my target range is 467.82 a low 475.89 as a high level for longs and shorts.
All averages are converging with 200 providing a strong support.