The S/R range for $SPX was 1075 to 1105.
That range defined a S/R line that would be placed at 1090.
That data is now several days old. I ran a new computer search this morning to incorporate all data through yesterday's close. I did this to incorporate yesterdays high and close which were slightly below the high end of the range, previously defined as 1105; and also to incorporate the few trading days prior to that which had a propensity for all of the last six days to open or close just below the lower end of the range previously defined as 1075.
The result is that the high end of the range is now 1104, while the low end of the range is 1068. Therefore, the middle of the range is now 1086, a downward revision. This is the new, slightly adjusted S/R line.
The search for both the upper and lower end of the S/R range were separately defined, but simultaneously searched (whatever that means). So they are not to be considered as trading ranges; they are simply values at which price reversals sere clustered.
The upper value of 1104 contained 25 reversals within a window of +/- 300 cents. The lower value contained 21 reversals with the same window size. There are no large clusters of reversals between those two values; and there are no large clusters of reversals immediately outside that range.
The only looming thing on the low side of that range is SMA(320) which is near 1020. The only significant things on the high side of that range are SMA(200) which is very near 1105, and SMA(20) which is near 1125. I think it is interesting that the value for SMA(200) appears elsewhere in this message. Perhaps it adds a little more resistance to the upper edge of the S/R band.
