SPY
April 17, 2024 15 Minutes.
Consolidation day.
Today is Wednesday. I am expecting a one sided move.
For the fall 506.5 to 502.61,
SPY
retraced 78% and fell at close. For the two lows 502.43 and 502.22 we have oscillator divergence.
I believe the uptrend for that divergence is over from 502.2 to 506.
Today action will be above 507 or below 502.
My upside target is limited to 509-510 levels.
My downside target is 497-500.
I prefer to short at the moment.
I generally go long ony when
SPY
is above all moving averages.