$SPY August 11, 2024
SPY August 11, 202415 Minutes.
SPY made high around 534 as expected.If we draw a parallel channel form 510, we can see
SPY taking support at midline of channel.Hence making HH HL pattern.
Connecting all the HL as a channel again we can see
SPY getting resisted at midline of this channel.We are having an oscillator divergence for the HH values 532.64 and 534.51.
So, if we take the rise from 518.05 to 534.51, On Monday holding 528 levels we can expect an up move towards 534-540 levels. 528 is nearly 100 averages in 15 minutes.
In 15 minutes 200 is sloping down and 50,10 are sloping upwards.
Once this cross happens I expect a swift move to 540+.
The Oscillator will get sorted out by that time.
At the moment uptrend intact towards 540 levels.
I will look for a sell only if 521 is broken on downside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.