$SPY July 22, 2024

22 Tem

SPY July 22, 2024

15 Minutes.

The Oscillator divergence did not sort out between 563 - 565 levels.

Now again we have a divergence as SPY making LL but oscillator did not make LL.

So, a bounce back expected for the fall 559.53 to 547.9.
The 61.8% retracement is 555 levels.
We could be resisted in this at 552.5 being 50-day average.

If we take the last fall from 554.05 to 547.9, we have 551.7 as 61.8% retracement.

Hence for the day i expect 551 to 554 move which could give an opportunity to short.