|Simple Trading Ideas||
I posted yesterday about Pivot Points. On the chart below I want to show you how it worked out today. This is a 15-minute chart for the past three days with the daily pivot points. As you can see SPY showed strength this morning and moved all the way up to R2 resistance. It didn't hold there, quickly turned around and moved all the way down to S2 support. This is an oversold area where SPY bounced back but couldn't break the pivot point resistance. The morning strength turned into weakness.