$SPY November 5, 2024AMEX:SPY November 5, 2024
15 Minutes.
For the extension from 539 to 575 to 565 AMEX:SPY made 61.8% of the move at 586 levels.
For the fall 583.32 to 568.44 it retraced 50% to 575.5 levels.
Now we have a sideways in box range between 575 to 567.
Bias id down as AMEX:SPY below all moving averages.
The positive side we have is for the lows 568.44 and 567.86 in 15 minutes we have oscillator divergence.
Therefore, if I take the rise 539.95 to 586.12, I expect first target to be 563 being 50% of retracement for the move.
Bias is towards short side.