SPY
April 16, 2024 15 Minutes.
As expected 505 levels in SPY. Opened gapped up.
So after the first 15 minutes a sell below was triggered for 515 was a level to short as planned.
As expected 50 day average was touched in daily.
Now for the rise from 493
SPY
has retraced 61.8% levels. Crucial to hold for any uptrend to continue.
If this level is not held we have to consider the rise from 409 to 524 levels. For that 23.6% retracement is 493 levels.
It is also 100 averages in daily.
At the moment bias is only on the downside.
SPY
below all kinds of moving averages in multiple time frames. For the day considering the fall 512.62 to 503.58 508-509 will be a good level to short SL 511 for 497-500 as target.