Each day we calculate on the open resistance, pivot and support. Also key are the five minute opening range and the one hour range.
SPY opened the day below pivot and may challenge support at $140.88 sooner than later. It is important to pay attention to the value lines because if you are a buyer the last thing you want to do is buy when the market is about to get hammered. Same concept in reverse on the short side.
Intraday trends are also important for tracking whether a change of direction is about to take place. Last week ex Tuesday was a positive week for the bulls from an intraday perspective. So far this week is not off to a great start thanks to the ongoing “fiscal cliff” that looms over the market.If you enjoy the content at iBankCoin, please follow us on Twitter