$SPY August 14, 2024

SPY August 14, 2024

15 Minutes.

The extension drawn from 510 to 531.59 to 518 achieved its target of 540 today.

As said it was a no trade day for me as i had no setup in 15 minutes.

SPY held the gap today and as written many times gaps need not get filled. In fact, unfilled gaps denote strength.

If we consider the fall 554.86 to 510.28 SPY today has retraced 61.8% around 538 levels.

Also, for the last rise 531.76 to 542.28 537-538 is 38.2 and 50% retracement.

So, for the day holding 537-538 i will have a target 544-546 levels.

I will look for a sell only below 535 for only couple $ as 200 is around 530. Hence i will not short today.