$SPY May 31, 2024

SPY May 31, 2024

60 Minutes.

As expected, 522 was achieved.
21 ema of daily done.

In Both daily and 60 minutes the bar making ATH is the issue. It had close near low of bar.
Hence long for higher target is only above 533.5 levels with close near top of bar.

Yesterday i had shared A, B And C.
And said B and C was important for the day.
Today i will consider A the rise from 499.55 to 533.

We can see in daily the rise was swift.
Thats being corrected now.

I expect SPY to consolidate around 516 - 517 levels before next uptrend as long as 488-492 is held on any retrace.

Now for the day in 15 minutes we have oscillator divergence.
SPY making LL but not supported by Oscillator.

Considering the fall 529.9 to 521.34 a retrace to 526.5 is possible being 61.8% retracement and 10 averages too.

So today contra trade could be a buy around 522 - 522.5 levels for 525 - 526 as target or sell 525-526 for 518-519 levels.