SPY
October 6,2023 15 Minutes
As expected
SPY
was in the range 421-426. Its now near 200 averages.
s we had an excess of 61.8% retracement for the rise 420.19 to 424.36 we had a double top around 425 levels.
Toda taking the rise 421.18 to 425.63 a retracement to 422.5-423 levels will be good to go long as moving averages are converging.
I expect a trending move today or on Monday one sided. I expect a target of 427-429 once 9,21,50 averages are above 200.
So either post lunch or on Monay open we can expect the average to converge and move.
We are supported by:
CCI Green Elliott oscillator Green, Stochastics black bar on top so a reversal is a buy as long as bar does not come at bottom during reversal.
Could be a field day for-option buyer.