$SPY July 26, 2024
SPY July 26, 202415 Minutes.
The short below 549 worked out well.
Oscillator divergence around 555 to 565 played
out well in 15 minutes.
Noe considering the move 565 to 546 to 556 we can expect 528 as target being 1.618 level for this move.
However, 535-536 is 200 averages in 3-hour time frame, hence that will be the first target.
And in 15 minutes we had a divergence between 543 and 537. So, a pullback to 547 was done.
That move retraced nearly 50% for the fall 556 to 537.
At the moment we have sell on rise probably until 553 is crossed being 200 averages as of now.
So, for the day due to oscillator divergence in place i will not short.
If there is a retracement to 544 levels depending on parameters i might take a call.
Finally for the rise 493 to 566
SPY has retraced 38.2% being 537 levels.50% retracement would be 529 levels.
Hence for the moment 528-530 is important level on downside.
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