SPY
March 14, 2024 15 Minutes.
As expected
SPY
retraced to 515 levels. Considering the rise from 504.91 to 518.22
SPY
retraced to 508.5 which is more than 61.8% of retracement. Hence
SPY
is struggling to move up. If we consider the fall 518.22 to 508.5 SPY needs to be more than 514.5 levels which is 61.8% retracement for the fall. And
SPY
is holding to that level last 2 days. For the day consider the rise from 510.51 to 517.38.
SPY
needs to hold 514 levels to resume uptrend to 518 levels. Moving averages have converged. 100 is around 514 levels.
For the holding around 514.5 I expect 518-519 as a target.