$SPY August 14, 2024AMEX:SPY August 14, 2024
15 Minutes.
The extension drawn from 510 to 531.59 to 518 achieved its target of 540 today.
As said it was a no trade day for me as i had no setup in 15 minutes.
AMEX:SPY held the gap today and as written many times gaps need not get filled. In fact, unfilled gaps denote strength.
If we consider the fall 554.86 to 510.28 AMEX:SPY today has retraced 61.8% around 538 levels.
Also, for the last rise 531.76 to 542.28 537-538 is 38.2 and 50% retracement.
So, for the day holding 537-538 i will have a target 544-546 levels.
I will look for a sell only below 535 for only couple $ as 200 is around 530. Hence i will not short today.