SPY
March 7, 2024 15 Minutes.
The gap at open to 510 levels did not allow for a short.
SPY
taking support on 200 averages and is consolidating for a move. The moving averages have converged at close.
So holding 508 levels I expect an upward push today towards 513-514 levels.
The stochastics which had a black bar at the bottom have now reversed.
For the rise of 504.91 to 512.05
SPY
has retraced 50% of the rise, so I expect a top around 514 levels. As we can see in chat the 512 levels become a resistance, hence I feel the next upward move is only when 514.5 is crossed with a close near the top of the bar.
SPY
has managed to hold the gap at 503 very well so far.