As a daytrader, daily charts are very long term charts for me only for background work. I only look at price levels and swings. The price I stated was simple arithmetic - no chart needed. The numbers I came up with was approximate from eyeballing the chart. (I do not trade SPY). From the spreadsheet numbers, I have the target of 85.90 - 87.40
If this level is breached (perhaps after the obligatory oversold rally, if any), then the next level points to: 73.10-75.40
These numbers are derived simply by deriving the distance from
108.70 (the mid point of the Monday gap) to previous swing highs and subtracting that from the fulcrum point. One number is from the HOD of the swing high. The other from the close.
KISS methodology.
May have to deal with circuit breakers tripping today and perhaps exchanges closed... Be careful out there.
If this level is breached (perhaps after the obligatory oversold rally, if any), then the next level points to: 73.10-75.40
These numbers are derived simply by deriving the distance from
108.70 (the mid point of the Monday gap) to previous swing highs and subtracting that from the fulcrum point. One number is from the HOD of the swing high. The other from the close.
KISS methodology.
May have to deal with circuit breakers tripping today and perhaps exchanges closed... Be careful out there.
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