As to the initial formulas for daily pivots and support/resistance levels, I have vague recollections of old time commodity traders saying they existed as early as the 1970's. But, they could have existed long before and originated in other markets (perhaps even as a footnote in the Buttonwood Agreement).
The idea was apparently scaled up to multiple time frames, including weekly and monthly, by none other than John Person himself (whose book you often cite, Billy) along with some other CBOT traders in 1984. From his website:
A more candid and colorful description of these after-market "homework" sessions is
here, in which Person is not afraid to give Heineken its due credit.
From there, it's conceivable that the NASDAQ, perhaps with other exchanges, created the more formal system you were taught, with weightings and even higher time frames.
Originally Posted by EB
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