If SPY Sustains an Opening Range Breakout, Price Target is $321.50.
Look for resistance at 321.23 which is the overnight high (pink line).
The overnight selloff helped to reset the RSI Candles which are showing hidden divergence, a bullish continuation pattern.
Comment
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Price rose to 321.44, missing the target price of 321.50 by 6 cents.
Not only did the overnight high act as strong resistance, it was right in the middle of the 1.5x and 2.0x operning range extensions (gold and yellow lines respectively.
If you don't mind me asking, where is your indicator pulling the overnight high from? Are you just talking about the AH's session?
GoldBands
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@merkd1904, it is the overnight high, from the market close to the market open the next day. It's a custom indicator that I wrote so I'm calculating it in Pinescript, TradingView's programming language.
merkd1904
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@GoldBands, I got ya. I like the concept and was interested in how you were allocating the data. Sounds like a pretty sound strategy.