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I'm seeing price go through that level as if nothing is there, about 5 times in last two days. I agree the "sideways volume" there is noteably higher than elsewhere, but that's about it...
See my chart, the pink line is where you and dbphoenix have resistance, the blue lines is where I would mark them. That, and the bigcharts volume by price chart.
The only thing that strikes me is that 1340 happens to be the middle of yesterday's action. But why would a calculated point provide s/r anymore than for example pivot points or fibonacci levels for that matter? |
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For one thing you need data for the ES, not bigcharts data. It's not price going through those levels it's the volume traded at price at the end of day one looks at. To see where the most volume occurred. If looking above existing price then where does all that volume start? Right now the chunk of volume starts at 1340, that's where possibly one would start to see resistance , if any If not, then it's not resistance. It's not 1340 is the middle of yesterday's action , I only look at volume traded at price. Regarding pivots and fib's, I won't even go there........
erie