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Mark
Another serious question (OH GOD, THAT'S 2 IN A ROW!!!)
>incredible correlation between fib the common levels and support
>resistance levels on an intraday basis of specifically the s&p futures
>market. call it self fulfilling (i do!) or whatever it seems to be
In order for these levels to have some value on the S&P futures (regardless
of whether that value is generated thru magic or by the masses), price must
reverse or atleast pause at these levels some percentage of time. In order
for this to occur, the SPX (cash, not futures) must do the same (or not
which is the point of the question), and in order for that to occur the
components of the SPX must do the same. In other words, theoretically, the
individual stocks drive the cash which drives the futures. But for the fibo
levels to be significant, there must be some linkage where the fibo S&R on
the index (or the futures) drives the activity in stocks.
The driver could be spooz traders trading or it could be daytraders watching
the SPX or perhaps something else?
Basically, the question is do you think the spooz drive the stocks or the
other way around most of the time? Some of the time? At certain junctures?
For the record, I also believe the levels are self-fulfilling.
Kent
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