SPY
February 15, 2024 15 Minutes.
The gap on 13 February did not allow me to go long on 14th February as I was not supported by parameters.
Since 478 levels gave an opportunity to short, supported by a gap up, I shorted at 496.5 levels and covered at 495 levels as the gap was not getting filled, indicating bullishness.
Considering the rise of 490.72 to 497.99
SPY
retraced 50%. Similarly to the fall 501.24 to 490.72 SPY has crossed 78.6 retracement.
So for today holding 497 the bullishness continues as per channel drawn.
As we can see all moving averages are converging at 496-498 levels, indicating good support around 496 levels.
From the Indicator side, I am supported by a black bar on stochastic on top, Elliott oscillator green, and CCI green.
At the moment I expect 503 levels +1 to give a good resistance as it is a double top number as of now.