SPY
May 8 ,2024 15 Minutes.
As expected,
SPY
was in sideways. Forming a HH, HL pattern.
For the last rise from 514.89 to 518.87 it retraced 61.8% yesterday around 516.5 levels.
So, for the day I will buy above 518.6 and sell below 515.6 for a target 513.5 to 514.
I expect a move only above 520 at the moment. Need to cross the 519-520 resistance.
We are having an oscillator divergence; price is making higher while oscillator making lows.
Yesterday gap open was not sustained and the gap was closed.