$SPY November 20, 2024

20 Nov

SPY November 20, 2024

15 Minutes.

SPY had a gap down.

But did not break the recent low of 583.86 which I have taken as the starting point for current move.

It took support at 200 averages in 60 minutes and started to move up.

Noe for the move 583.86 to 589.49 to the fall 584.02 the first target is 592-593 levels as in box.

In 15 minutes, we have 9,21,50 and 100 averages consolidated.

So, for the rise 584.02 to 591.06 holding 586-587 levels, we target for 592-593 levels.

592-593 is important because it is also 61.8% retracement for the fall 599 to 584 levels.

It is also 20 averages in 15 minutes.

Hence, I expect a consolidation to happen between 591-593 levels today for a move tomorrow or Friday.