$SPY October 16, 2024

SPY October 16, 2024

SPY retraced to 578.5 levels.
Moving averages gaps are reduced.

Downtrend as it is below all moving averages except 200 averages.

For the rise 566.63 to 585.27 38.2 retracement done.

For the last rise from 574.49 to 585.27 61.8% I done.

Hence it is crucial for 4SPY to hold 576-577 levels today being 200 averages in 15 minutes and fib numbers.

So, for the day for the fall 587.27 to 578.54 i will short at 583 levels for targets up to 576-577 levels. SL 584 with bar close near top of bar.

The number 576-577 also happens to be 9-day average in daily. so i expect some more retracement.