SPY Pivot

[jmbarnette]

Billy,
You don't often mention pivot levels of other indices, but was wondering if you pay attention to them in your daily analysis. Was watching the YR1 level (139.31) on the SPY as it looked like a possible support area for this pullback with it's close proximity to the 20 day sma. At least for now. Or would this be a case as with trendlines, if you watch enough of them, one will surely work eventually!
Thank you for your insight
matt

[Billy]

Billy,
You don't often mention pivot levels of other indices, but was wondering if you pay attention to them in your daily analysis. Was watching the YR1 level (139.31) on the SPY as it looked like a possible support area for this pullback with it's close proximity to the 20 day sma. At least for now. Or would this be a case as with trendlines, if you watch enough of them, one will surely work eventually!
Thank you for your insight
matt

Matt,
I need to leave until markets open. The last day of the quarter is the worst day to make a multi-pivot analysis.
I will have a look at the new weekly, monthly and quarterly SPY levels this weekend and reply also about the yearly thereafter.
Billy

[Billy]

Matt, you are right, the Yearly R1 (139.31) is a key support and, excluding the 20 dma, it is now also in strong confluence with Weekly S1 (139.32), Monthly Pivot (139.00) and Semester R1 (138.32). Altogether, this cluster has a mighty strength of 20 which acted as successful support area since March, 13 and that won’t be broken easily. All other floor clusters are really weak. It would need a major surprise event or news to reverse the uptrend from here.

Notice that even without YR1, that second support cluster would have a weight of 12. This suggests to me that this is now a tangible “floor” level for the rest of the year.
Billy

13684

[jmbarnette]

here we are yet again. Wonder if yesterdays fed news qualifies as the major news that breaks through this cluster. we shall see, in addition to SPY, IWM sitting right at it's 50-day. watching closely to see what kind of bounce materializes from here, if any