$SPY August 8,2024

SPY August 8,2024

15 Minutes

Gap up was not able to sustain.
And 529-533 was resistance as expected.

Now for the day i will take 2 numbers.

The rise 510.28 to 531.59
The fall 531.59 to 518.05

The rise has retraced 61.8%So holding 514 levels is crucial for the day.

And for the fall 526 level could be resistance on a retrace.

So, i will sell below 514 and buy above 529 for the day.

This gives a 15$ gap.

So based on close of bar in 14 minutes during the day if i get a chance to enter above 522 levels, and moving average 9 is above 21 then I might go for a trade for 527-529 levels.

SPY is weak as it is below all moving averages. So, any buy is only a contra trade with strict stop loss.