$SPY March 7, 2024AMEX:SPY March 7, 2024
15 Minutes.
The gap at open to 510 levels did not allow for a short.
AMEX:SPY taking support on 200 averages and is consolidating for a move.
The moving averages have converged at close.
So holding 508 levels I expect an upward push today towards 513-514 levels.
The stochastics which had a black bar at the bottom have now reversed.
For the rise of 504.91 to 512.05 AMEX:SPY has retraced 50% of the rise, so I expect a top around 514 levels.
As we can see in chat the 512 levels become a resistance, hence I feel the next upward move is only when 514.5 is crossed with a close near the top of the bar.
AMEX:SPY has managed to hold the gap at 503 very well so far.