$SPY November 14, 2024

SPY November 14, 2024

15 Minutes.

We are in an interesting setup.

Foe the fall 600.17 to 594.37 SPY retraced 599 levels.
That is 78% retracement of the fall.

Also, we have a 599 top earlier on 12th November too.

And for the rise 594.99 to 599.23 SPY has retraced 61.8% to 596 levels.

Both denotes a limit of double top or double bottom being 599 or 594.

So, until this range is broken, I have no trade on either direction.

Today we will have a one-sided Thursdays move as usual.
My downside is limited to 590 592 levels. So, I will not take any shorts yet.

If 592 is broken, then I will look for 586-584 as target.
That represents 38% to 50% retracement for the rise 567.89 to 600.17.

585 at the moment is also 100 averages in 60 minutes time frame.