$SPY November 5, 2024

SPY November 5, 2024

15 Minutes.

For the extension from 539 to 575 to 565 SPY made 61.8% of the move at 586 levels.

For the fall 583.32 to 568.44 it retraced 50% to 575.5 levels.

Now we have a sideways in box range between 575 to 567.
Bias id down as SPY below all moving averages.

The positive side we have is for the lows 568.44 and 567.86 in 15 minutes we have oscillator divergence.

Therefore, if I take the rise 539.95 to 586.12, I expect first target to be 563 being 50% of retracement for the move.

Bias is towards short side.