Daily
$Spy is below 9 and 21 averages.
Took support at 50 day.
200 day is slightly sloping down.
100 day is sloping up.
Therefore, the range 391-96 should be good support for Thursday/Friday.
Since 4Spy was narrow range yesterday i expect a trending day today.
Uptrend intact as long as HL at 387 is held.
So basically, i see sideways until 418 or 387 is broken.
Hourly
$SPY was in uptrend from 387.27 till 418.31 for the period 19th January to 2nd February.
After that as stated early days, it went sideways from 414 to 408 range.
That box was broken on 17th February.
It tried to retrace but had gap down opening on 21st February.
Now below all moving averages. So downtrend. Need to cross 408 first.
30 Minutes
For the fall 407 till 397 retracements could be at play, being 402 to 403.5 levels for today.
407.5 is also LH in the 60 minutes time frame and 200 hourly averages too.
So that should give a chance to sell on rise.
$Spy is below 9 and 21 averages.
Took support at 50 day.
200 day is slightly sloping down.
100 day is sloping up.
Therefore, the range 391-96 should be good support for Thursday/Friday.
Since 4Spy was narrow range yesterday i expect a trending day today.
Uptrend intact as long as HL at 387 is held.
So basically, i see sideways until 418 or 387 is broken.
Hourly
$SPY was in uptrend from 387.27 till 418.31 for the period 19th January to 2nd February.
After that as stated early days, it went sideways from 414 to 408 range.
That box was broken on 17th February.
It tried to retrace but had gap down opening on 21st February.
Now below all moving averages. So downtrend. Need to cross 408 first.
30 Minutes
For the fall 407 till 397 retracements could be at play, being 402 to 403.5 levels for today.
407.5 is also LH in the 60 minutes time frame and 200 hourly averages too.
So that should give a chance to sell on rise.