Do you have a catalyst in mind to cause the pivot point, or are you just seeing significant support line, as shown. I watch and trade VXX a lot. After Yellen's speech today, rates will stay low for a long time I think now, and any rate increase move at all will be pre announced. So catalyst?
Actually I went in VXX today at the low, and set 33 as my target. Slammed right into the TL support, and bounced nicely, like it knew what it was doing. I have to admit, with a non stock fund like VXX, it is amazing sometimes when it works at these levels and indacators, which has absolutely nothing to do with economic fundamentals. Its a "tell" of the markets of course. And I think others play it also, which is why it reacts to what others are watching.