$SPY October 3, 2024

3 Okt

SPY October 3, 2024

15 Minutes.
As expected, SPY was in sideways sort out the two long bars of 1st October.

For the fall 574.38 to 565.27 SPY had retraced 61.88 around 570 levels.

For the rise 565.27 to 569.9 SPY had again retraced 61.8% of that move to 567 levels.

Now SPY made a low at 565.27 and we can see oscillator divergence.

Hence this number is important to hold now.

If we draw an extension for the move 567.27 to 569.9 to 567.58, we can see 570 - 572 as initial target.

At the moment SPY below 100 and 200 averages in 15 minutes.

Hence a long only above 571 with the close of bar near the top.

On downside I expect strong support around 562 563 levels being 200 averages in 60 Minutes time frame.

So, we are stuck between 563 to 571 today most probably for a buy above or sell below trade.

I expect to have a trade tomorrow, Friday.