Billy,
Could you send along an updated SPY chart as well - thank
Billy,
Could you send along an updated SPY chart as well - thank
Here it is, Adam. SPY is already testing YR1 134.26), but also has a very powerful support cluster. Total selling pressure of 27 is now beginning to outweigh total buying pressure of 25. This is increasing the odds of some mean-reverting action for the whole market soon.
I also show QQQ with a clear blue sky up to YR1 (59.02), similar to IWM. Here too, the total selling pressure of 28 begins to outweigh total buying pressure of 25, but the extremely powerful first support cluster should limit any pullback.
Both ETFs are confirming a rising probability of some consolidation or pullback in the innings.
Billy
Much obliged, as always.
Billy,
I need to ask a question which may have an obvious answer but I need to know: What or where is "floor selling pressure of 28" and "floor buying pressure of 25"? I can't relate it to the chart.
Thanks,
Pablo
What is the book that you recommend on pivots? bz
The "system" is not nearly as advanced as Billy's, but it is a good overview/introduction:
http://www.amazon.com/Forex-Conquere.../dp/0470097795
Forex Conquered: High Probability Systems and Strategies for Active Traders (Wiley Trading) [Hardcover]
John L. Person
Thank You.