SPY
February 28, 2024 15 Minutes
Yesterday did not get a chance to short.
Once more 505 was protected.
Consider the rise
493.56 to 510.13
504.75 to 507.16
and the fall
510.13 to 504.75
For the first rise,
SPY
has retraced 38.2%. For the rise at close
SPY
needs to hold today's 506 levels to continue the uptrend. I expect 508 to be resisted allowing shorting being 61.8% retracement for the fall 510.13 to 504.75.
In the day holding 490.72 is important for uptrend.
So if we consider the extension from 490.72 to 502.86 to 493.56 the 1.618 level is around 513 levels which is the target once 510 is taken out.
At the moment I have 503-504 as a target on downside shorts at 507.5 - 508 levels SL 509.1 and buy above 510 for 513.