SPY
September13,2023 15 Minutes
The channel was broken at 446.1 eves.
SPY
made LL. At close
SPY
was below all moving averages. We are having 200 averages sloping downward.
In larger time frame 433 is important level to hold.
The last 2 days of sideways movement has brough all moving averages nearby.
For the moment
SPY
is bullish only above 448.8-449 levels in 15 minutes. Since we have LH LL in place, and closure below all moving averages the retrace for the fall 448.52 to 445.39 which is around 447.4 level is a good level to watch.
If the low 445-445.39 is held bottom expect
SPY
to consolidate between 446-448.5 levels today. If we do not have a gap today, then Thursday i am expecting a one-sided trend.
Since the Elliott oscillator has turned red, Stochastics black bar at bottom and CCI red i expect the 200 averages in 15 minutes being at 447.8 levels to give a good resistance.
I am not trading today.