SPY
May 13, 2024 15 Minutes.
Had a gap up on Friday.
I sold into strength.
I had a view of 522 levels with bias down as oscillator divergence.
We can see the divergence more prominent now.
Also, if you see in daily the rise is steep and 9 averages is around 512 and 21 around 508 levels.
And in one hour chart we have the 522.63 bar having close near low of bar.
All these are negative bias for me.
For the day we have 100 averages around 518.5 and 200 averages around 514 levels.
So, if 518 is broken I will short. And i will buy above 522.75 only (as per 60-minute bar pattern explained above)
We have an unfilled gap around 508.5 levels.
So, for the rise 508.56 to 522.63 if 518 is broken the short i will enter will have target 514 to 515 levels.