$SPY August 5, 2024
SPY August 5, 2024Levels broken.
We have to take from two lows,
409 and 493
500-502 is 200 average in daily.
Today premarket has broken 61.8% levels of 494 - 565 rise.
If we take the low from 409 then 38.2% retracement for the move 409 to 565 is 505 levels.
That will be 10% correction and probably 200 average supports.
Have to see if it holds.
Since the move started from 490 levels i will be worried only if 490 is broken.
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