$SPY January 16, 2025

SPY January 16, 2025

15 minutes.

Yesterday gap open was held.

For the last rise from 578.97 to 592.96 SPY retraced to 589.5 before achieving the target 594 for yesterday's move.

598.5 represents 23.6% fall for the last rise and took support at 61.8% retracement for the fall 597.74 to 575.35.

Hence it is important that SPY holds 589 levels for upward movement.

For the extension 575 to585 to 578.35, 594 was achieved being 1.618 levels for the first rise.

At the moment we have 200 averages above 50 and 100 in 15 minutes, hence I expect SPY to consolidate between 590 to 593 levels today for a further up movement tomorrow.

Also, we have an oscillator divergence from 592.9 to 593.9 levels

No trade day for me today.