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Perhaps we can start a useful (or at least interesting) discussion about the
intra-day characteristics of some of the more liquid markets. My own
experience is most heavily focused on the SP/Mini SP. I've noticed lately
that some of the simpler fib levels and night session highs and lows seem to
be providing good support/resistance. Using today's action so far in the SP
as an example, the 38.2% retracement (using the TS retracement tool) from
7/02 high to 7/11 low was at 1202.36. We bounced quickly from that area
(1201.50 close enough <g>) pausing at 1211 which is close to the 50%
retracement for the same period and also was the night session high. We also
saw considerable resistance in the area of 1206 which was a shorter term
retracement level.
Intra-day I have levels right now at 1208.75, 1207.50, and 1206.00 (rounded
up or down a little). Just a few minutes ago we bounced off 1206.25. Seems
to happen too often to be coincidence. I don't look for price to hit the
levels to the penney but close seems to count quite well.
The guys on listen only squawk always talked about how night session highs
and lows were targets as well. This too seems to be very consistent.
Comments from others regarding all of the above?
During the course of the day, if I don't have to run out for some reason,
I'll post periodic observations of what I see the market doing in regards to
these levels and look for responses for further discussion.
Regards, Randall
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