SPY pivots. I've been looking at pivots and bounces over the past couple weeks as a means of reading markets since the visual support and resistance lines I've been playing with have not worked very well.Today's pivot is 83.23 based on yesterdays hi +lo + close divided by 3. S1 is 82.66 and S2 is 81.71.
With the low volume open I decided to watch these levels for fun and see if there is a bounce. I bought SSO when SPY was at 81.78 after the first bounce off S2 (I did not figure SSO's pivot numbers because it isn't a pure index and is figured on derivitive of the SPY.)
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