$SPY July 29, 2024

SPY July 29, 2024

15 Minutes.

After the fall from 565 SPY is in sideways consolidation and building base.

For the fall 556.74 to 537.45 SPY has retraced 38.2%.

For the rise 538.13 to 547.19 SPY retraced 50%.
Since the numbers are below 200 averages downtrend in more probability.

So, for the day holding 540-542 levels i expect 545.6 to 548 as target.

For the larger rise 518 to 565 we have 537 as 61.8% retracement.
So, if 540 breaks the 536-537 will be target for me.