SPY April 30, 2024

15 Minutes

SPY opened gap up around 510 levels.
But the expected retracement happened only near end of day.

It is on sideways between 508-510 levels.

If we consider the rise from 493.86 to 507.37 4SPY retraced to 497.5 levels. This is more than 61.8 retracement for the rise.
Hence 508-510 sideways going on for consolidation.
I have first target as 514 levels once 511 is crossed and close near top of bar.

At the moment uptrend intact in 15 minutes as long as 507 +- 0.5 is held.

I am supported by SPY above 50,100 and 200 moving averages.
9,21 and 50 have converged.

Since Elliott oscillator is red and CCI red i expect a small retrace to 506-507 levels before crossing 511.

In the event we have a gap up today above 511 I will wait for retracement to 509- 510 levels and take a position only if close of bar is good when it crosses again 511.
FibonacciMoving AveragesOscillators

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