Hi Why do you have SPX 2433-2434 as a possible high for the day?
Mark
UnknownUnicorn292837
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@markrivest, Hi. I'm basically making 3 assumptions: 1) one of the borders of the triangle is likely to hold; 2) the move on Friday was overextended and mostly looked like nervous short covering by weak hands; 3) the volume profiles show the closest POC at 2434 - that might become resistance as well. I'm generally neutral for Monday, but SPY looks a little weak lately.
markrivest
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Hi @FoggyLights,
Thanks for the reply.
My Fibonacci analysis indicated SPX 2434 as possible resistance very early on 6/19/17 and was fascinated that you came to the same resistance area with different methods.
I'm not very familiar with volume profiles. What is POC? Could you please go into more detail as to why the volume profile targets SPX 2434 as possible resistance.
Mark
UnknownUnicorn292837
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@markrivest, tradingview.com/wiki/Volume_Profile As far as POC - it's the Point of Control in reference to the Fair Value of the most recent price.
The first closest POC to the upside is at 2434. We already retested the higher 2437.7 POC and failed on Thursday. I think it's a good probability that 2434 might hold. It's also close to the upper border of the triangle. I will not go short from there if it holds, but will wait for the support area to be broken around 2429.
UnknownUnicorn292837
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@FoggyLights, Point of Control (POC) – The price level for the time period with the highest traded volume.
Mark