SPY
February 22, 2024 15 Minutes
SPY
managed to hold on to a 21-day average at 493 levels as expected and bounced back swiftly to 497 levels at the close. Taking the fall 502.86 to 493.56
SPY
will have resistance around 499-500 levels being a 61.8% retracement for the fall. For the rise of 493.56 to 497.37
SPY
needs to hold 495 levels for an uptrend around 499-500 levels. At the moment long is only above 503 levels as we have multiple tops in 15-minute time frames.
For the rise of 490.72 to 502.86
SPY
retraced to 493.56 levels being 78.6% retracement. So I expect one more top around 501-502 levels.