SPY
February 14, 2024 15 Minutes
I had considered Fibo for the rise from 490.23 to 503.50.
Since it opened the gap down I had to consider the previous low of 482.89 to 503.50.
Could not be shorted. But took support at 61.% retracement around 490.7 levels.
For the day I will consider the fall 501.24 to 490.72.
497-498 will be a good level to short SL 499.
We have an oscillator divergence in 15 minutes. But the black bar on stochastics is at the bottom and CCI is red. So difficult to go long.
Once more
SPY
has given a 100 or 200 average to be respected however strong it runs up. In the hourly time frame, it has taken support at 100 averages.
In 60 minute chart if we consider the rise of 469.87 to 503.50 it has retraced 38.2%.
So 480-482 is a crucial number to watch, being 61.8% of retracement for this rise.
No trade day. waiting for proper entry to take a trade, with a bias on the short side only.
At the moment buy is only above 504 levels. Till then only I will be looking for shorting whenever I get the opportunity.