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 AMEX: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. AMEX: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.