$SPY November 16, 2024

16 Nov

SPY November 16, 2024

For a change target came without much of drama.
Could not short the previous day. So had no trade.

For the week:

5 Minutes:
We had multiple LL and managed to close HL HH pattern.
Oscillator divergence can be seen.
9,21, 50 averages converged.

So, expecting a bounce to 589 - 592 levels being 100 and 200 averages.

200 averages in 5 minutes could be a good level to short.
SL 592.75 being 23.6% retracement for the rise 567.86 to 600.17.

15 Minutes:

We can see a consolidation going on last 15 bars or so.
Downtrend intact as below 50,100 and 20 averages.
Again 590 to 593 represents 50 to 200 average range in 15 minutes too.

60 Minutes.
Took support at 200 averages.
For the fall 600.17 to 583.86 593-594 is a good level to short. it represents 61.8% of retracement for the fall.

Daily:
Took support of 21 average in daily.
Holding 580 is important to continue uptrend taking the last rise into consideration from 567.89 to 600.17.
If 580 is broke next support is 575-576 levels.
It also represents 23.6% retracement for the rise 539.44 to 600.17.

So next week range is
Go long with SL 583.5 for 590-592 as target.
or go short below 580 for 576+ as target SL 581.5