$SPY October 29, 2024

SPY October 29, 2024

15 Minutes

For the fall 586.12 to 574.41 SPY retraced 78%. Hence, I expect only a double bottom for this move.

For the rise 574.41 to 584.46 SPY retraced 61.8%.
So, holding 576 uptrends to continue.

In 60 minutes 575-576 is 200 averages.

So, the shorts initiated yesterday will be covered at 579. If I get a lower. I am lucky.
SL at 582 for a zero trade.

At the moment I expect 579 or 575 to provide a good support.

Long is still above 585 only.
I am usually negative bias as long as SPY is below moving averages especially 200 or 100 in 15 minutes.