$SPY September 4, 2024

4 set

SPY September 4, 2024

15 Minutes
SPY opened gap down.
Since close was not good in that bar buy was not possible.
I did not short for the day.
I need SPY below moving averages 9,21 to short.
That came only around 556 levels with 559 as SL.
So, i was not sure of R:R hence no short.

Now for the day the rise from 518 to 564 has 546 -547 as 38.2% retracement.
It is also 200 averages in 60 minutes.

So, 546-548 is the next target.
Already achieved 549.5 yesterday.
Hence for the fall 564.2 to 549.5 a retrace around 556 - 558 will be a good placed to short today.

Having seen multiple tops near 564 levels i will go long only above 565 levels.

No long today as SPY below all moving averages in 15 minutes.