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Randall,
Great topic. I have been looking at the same thing. Here is part of my
attempt to understand the market today.
Michael
----- Original Message -----
From: "Randall Kurzon" <rkurzon@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, July 17, 2001 10:43
Subject: [RT] Intra-day market activity
> 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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