$SPY May 16, 2024

16 mag

SPY May 16, 2024

15 Minutes.

SPY opened gap up.
Since long was confirmed as the rectangle was broken out the previous day, i waited for a good close of bar. I bought around 527.
I had earlier marked the extension for the range 515 to 522.66 to 519.74.
This gave a 1.618 target as 532.

For the day, since I always believed gaps are strong if not filled, I will take the rise from 525.18 to 530.08.
I expect today SPY to be around 531 to 532 as top and if any retrace it will be around 527 to 528 levels.

If these number s hold today i expect 535 next week.