SPY
May 9,2024 15 Minutes.
No trade day. Neither the sell below nor buy above was triggered.
Uptrend looks like getting sorted out.
SPY
has moved from 503 to 518 levels. And yesterday gap down open after 3 days of gap up did not hold. The first in 15 minutes gap down had close near top of bar and never broke the low during the day.
We have 100 averages at 515 levels.
So, for the day considering the last rise from 515.15 to 517.72, holding 516 levels I have a target 519 520 initially.
I am still of the view more upside is possible only if we get a good close above 520 levels in 15 minutes.
At the moment we have 9,21 and 50averagres converged and 100 averages around 515 levels to give support.