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Assessment: I love the FMA algorithm for charting! People who subscribed to the FMA when it was subscription content will remember how awesome and accurate the pivots calculated by the algorithm were in the past. If you are new, you got to see it this week with the redline pivot. The pivot was calculated early last year and appeared on every chart I put out, and it’s taken a while for it to come into play…but it has been key this week.
Here are two charts, the first is a zoomed out view of SPY with the pivot and the other is zoomed in on the pivot to see just how accurately this pivot was shown as being important. Who would have guessed that some random number
SPY Chart (ZOOMED OUT): https://sblk.io/s/Z0R0h5FECpUZwc9E
SPY Chart (Zoomed In To Show Red Line): https://sblk.io/s/wyxyS9FECOUgzsOb
Look at how perfectly the line held as resistance after the break, especially on Friday where the close and the pivot were only off one another by 0.2%. If we do not break above and close about this line on Monday, then a material down move will increase in probability. If we break above this line on Monday, which I hope we do, then I will be looking to short the next break of this pivot…and then set the pivot as my stop loss on any position…pretty simple!
Let’s see what plays out!
Good luck in your trades!