SPY
February 29, 2024 15 Minutes.
SPY
continues to be in a sideways narrow range. All moving averages have consolidated and 200 is at 503 levels.
At the moment it looks like the gap may be held.
I expect a swift move from 510 levels to 513 levels since in the day holding 490.72 is important for an uptrend.
So if we consider the extension from 490.72 to 502.86 to 493.56 the 1.618 level is around 513 levels which is the target once 510 is taken out.
On the downside I expect 503 to hold as of now.
503 has to break convincingly for 500 levels as next target being 100 averages in 60 minute time frame.
I expect a swift move today. So probably need to look at pre-market to take a call.
For the day we can see
SPY
making LH pattern and at the end of the day made LL. So breaking 505.17 I expect 503 today as an initial target.
On the upside, if crosses 507.16 I expect 509-510 to provide resistance.