SPY
January 12, 2024 15 Minutes.
SPY
gapped up and hit 478 in the first bar. The Close was near the low of the bar. Since we expected 478-478.5 to be resisted shorted at 477 for 474 levels being a 38.2% retracement for the rise from 466.4 to 478.11. Also, it was near the 100,200 average.
SPY
made low 472.28. For today's consider the rise of 472.28 to 476.97.
SPY
must hold 474 levels today being a 61.8% retracement for the last rise. However, for the cup pattern to work, SPY must hold 475 levels. I expect
SPY
to hit 480 levels if 474-475 s held. The cup pattern seems valid as we had a good uptrend before the cup formation.
Now the black bar in stochastics is not yet negated. It is expected to come on top once 476-477 is crossed without much pullback today.