$SPY October 29, 2024
SPY October 29, 202415 Minutes
For the fall 586.12 to 574.41
SPY retraced 78%. Hence, I expect only a double bottom for this move.For the rise 574.41 to 584.46
SPY retraced 61.8%. So, holding 576 uptrends to continue.
In 60 minutes 575-576 is 200 averages.
So, the shorts initiated yesterday will be covered at 579. If I get a lower. I am lucky.
SL at 582 for a zero trade.
At the moment I expect 579 or 575 to provide a good support.
Long is still above 585 only.
I am usually negative bias as long as
SPY is below moving averages especially 200 or 100 in 15 minutes.
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