$SPY October 15, 2024

SPY October 15, 2024

15 Minutes.

Being a moving average and Fib trader it is difficult for me to enter when the difference is around 10$ is 200 averages for a 15-minute time frame.

I prefer to sit for a retracement today for 578.5 to 580 levels. For today.

I prefer to sit on side even though i have a target as written earlier 587 levels.

And SPY made a high 585.27 yesterday.

As we can see in daily time frame Between July to September SPY formed a good base between 535 to 565.

Hence once 595 is crossed i expect a huge upside towards 640-680 levels.

I expect some consolidation for 575 - 585 before next move so that the moving averages can catch with price.

No time for short unless it is for a 10 to 15$% range in $SPY.

This is my view as of now based on how SPY is currently moving in charts.

On daily basis I will review downside only when SPY is around 560 levels which is 50-day average in daily chart.