$SPY August 11, 2024

SPY August 11, 2024

15 Minutes.

SPY made high around 534 as expected.

If we draw a parallel channel form 510, we can see SPY taking support at midline of channel.

Hence making HH HL pattern.
Connecting all the HL as a channel again we can see SPY getting resisted at midline of this channel.
We are having an oscillator divergence for the HH values 532.64 and 534.51.

So, if we take the rise from 518.05 to 534.51, On Monday holding 528 levels we can expect an up move towards 534-540 levels. 528 is nearly 100 averages in 15 minutes.

In 15 minutes 200 is sloping down and 50,10 are sloping upwards.
Once this cross happens I expect a swift move to 540+.

The Oscillator will get sorted out by that time.

At the moment uptrend intact towards 540 levels.

I will look for a sell only if 521 is broken on downside.