$SPY March 7, 2025

SPY March 7, 2025

Time frame monthly analysis.

Monthly.

The current move started from Covid low.
So, for the move 218.26 to 613.3 holding 520 is important now as it represents 23.6% retracement.

And for the extension 218.26 to 480 to 318 we have completed 100% move 614 levels. for the rise 218 to 480.

Hence, we are having some resistance.
Also 520 is 21-month average and in important.

Weekly.

Starting from low 348 if we connect 409 low taking top channel as 609 and draw a channel, we see SPY in channel.

Here 560-565 is important to hold being 50 week average and mid channel line.
I expect pull back as oscillator is losing strength and we have red volume bars above average last 3 weeks.

Daily.

Too many above average sell volumes.
My stochastic false bar indicator became red.
So, any rise is only sold on rise until I get a green false bar.
My Eliott oscillator is red.
Price touching 200 averages last 3 days.
A steep fall from 613 to 570.

So, if we take the last rise from 510.27 to 613.23 38.2% correction done.
If SPY breaks this then it is weaker.
At the moment if break 569 levels will bar close near low my target is 560 levels. which is 50% retracement for the rise.

And in daily if we take the rise from 540 to 613 565-568 represents 61.8% retracement for the rise.
That will be my target today.

So, for the day if 570 breaks target 565-568.
And for the last fall 613.23 to 570.12 605 need to cross for ant longs in daytime frame.
At the moment.

And any pull back to 576-578 will be a good level to short.

Not the time to go long.