SPY March 7, 202415 Minutes.
The gap at open to 510 levels did not allow for a short.
SPY taking support on 200 averages and is consolidating for a move.The moving averages have converged at close.
So holding 508 levels I expect an upward push today towards 513-514 levels.
The stochastics which had a black bar at the bottom have now reversed.
For the rise of 504.91 to 512.05
SPY has retraced 50% of the rise, so I expect a top around 514 levels.As we can see in chat the 512 levels become a resistance, hence I feel the next upward move is only when 514.5 is crossed with a close near the top of the bar.
SPY has managed to hold the gap at 503 very well so far.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.