$SPY May 7,2024AMEX:SPY May 7,2024
15 Minutes.
AMEX:SPY managed to stay above 510 levels.
Now we have 100 and 200 also near 510 levels.
Now holding 513 levels uptrend intact.
513 is the 61.8 % retracement for the fall 524.61 to 493.86.
510 is important because it is 38.2% retracement for the rise 599.55 to 516.61.
For the day holding 514 levels i have a target 518-519 levels. This is the number from April 11, we saw AMEX:SPY going all the way down 493 levels.
So, I expect some resistance around 519-520 levels.
I am going long around 515-515.6 levels for 519 SL 513 - 512.5.
The retracement to 515 - 515.6 is due to oscillator divergence in 15 minutes.
For two days we had a gap up we need to sort out the divergence.