SPY
May 7,2024 15 Minutes.
SPY
managed to stay above 510 levels. Now we have 100 and 200 also near 510 levels.
Now holding 513 levels uptrend intact.
513 is the 61.8 % retracement for the fall 524.61 to 493.86.
510 is important because it is 38.2% retracement for the rise 599.55 to 516.61.
For the day holding 514 levels i have a target 518-519 levels. This is the number from April 11, we saw
SPY
going all the way down 493 levels. So, I expect some resistance around 519-520 levels.
I am going long around 515-515.6 levels for 519 SL 513 - 512.5.
The retracement to 515 - 515.6 is due to oscillator divergence in 15 minutes.
For two days we had a gap up we need to sort out the divergence.