$SPY November 1, 2024

1 Nov

SPY November 1, 2024

15 Minutes.

Gap down did not allow to initiate any short which were closed earlier around 579 levels.

575 supports did not hold and SPY continued to make lows.

For the large rise 539.95 to 586.12 4SPY retraced to 38.2 % levels and also 50-day average in daily.
If this is not supported, we can expect 558-=562 levels which is 100 averages.

If we see the daily chart 565 is important to hold.
If this is broken, we have a history where SPY went back to 539-540 levels twice from that number.

No trade day today.

How ever for the fall 583.32 to 568.44 a retracement to 578 levels will give a chance to short. Depending on moving averages. At the moment SL is 580 being 200 averages in 15 minutes.
We are having an oscillator divergence at lows near close. So, i expect a retracement.