$SPY May 30,2024AMEX:SPY May 30,2024
15 Minutes.
At the moment long only above 533.07 for any higher targets.
A The rise from 493 to 533
B The rise from 519.74 to 533.07
C the fall from 529.9 to 525.39
AT the moment these are the 3 important numbers.
At the moment I will consider B and C only.
For the rise B important to hold 524 levels being 61.8% retracement for the rise.
For the fall 529.9 to 525.39, a retracement to 528 levels will give an opportunity to short.
At the moment upside is limited to 532 533 levels
Since we have multiple touch points on 531-533 levels, I expect a swift move upside once 533.5 is crossed convincingly.
And on downside 524 is important to hold. If 524 is broken, then we can see at least 521-522 as target which is 21 ema in daily.
So, I will think only on short side today.