SPY
February 7, 2024 15 Minutes
As expected 492 was held and SPY seems to have consolidated for a move today.
Also if we consider the fall of 496.06 to 490.23 it has closed above 61.8% of the fall.
And for the rise of 490.23 to 494.33, holding 492 we can expect a move upwards.
100 average is sloping upwards to 492 levels to provide good support.
As usual, due to V-shaped recovery, we are having sideways consolidation. Hence indicators will not give any clue.
I expect 496 to be taken out today/tomorrow provided 491.5-492 is held.