SPY
January 26, 2024 15 Minutes
SPY
refusing to take a side.Sideways the whole week. I am still holding my shorts. The range is 485-489 as per box. Either side breakout can give a $3 move.
As of now, 9,21,50, and 100 averages have converged. After a long time, I did not get any trade to initiate or close on Wednesday/Thursday.
In the box SPY forms HL which is good and LH which negates it.
SPY is above all moving averages. Bt in 15 minute time frame it is $8 above 200 averages and the oscillator is not showing any strength.
I will consider 3 Fibs.
The rise 472.42 to 488.75
The rise 482.89 to 488.78
The rise 483.39 to 488.04
For the first
SPY
retraced to 23.% so uptrend intact. For the second SPY retraced to 61.8% so the upside is limited to 488-489 as a top.
For the third need to hold 486.5 levels.
I am in a contra trade due to moving average gaps in the 15-minute time frame.
Now in 4 days 50 and 100 have converged. 200 is still pending.
My average shorts are around 486 levels.