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What are levels?

Levels are static prices. The passage of time or future price action does not change an established price. They have a variety of applications, such as attracting or repelling price action, neutralizing buying/selling pressure, identifying a range extreme, etc. Levels include:

  • Calculable (i.e. Fibonacci retracement or projection, inflection points)
  • Prior support/resistance (“lower prior high” or “higher prior low”)
  • Landmark (“unfinished business,” gap, overbought / oversold RSI)
  • Timing Window extreme
  • Pivotal High/Low (the high/low prior to the actual high/low)
  • Key High/Low (the high/low following the actual high/low)
  • Opening print (9:30 ET)
  • Last minutes’ print (3:57)
  • Closing print (4:00 cash session close, 4:15 futures close)
  • Reaction limits (bounce limit, pullback limit)
  • Buy Signals, Sell signals

Prices are mostly static. The market mostly has a memory for static prices, meaning that it won’t be adjusted for inflation or depreciation.

For example: The opening print at 9:30 AM ET. It is demonstrable that in at least this one relevant timing window, buyers and sellers agreed to this price. So, we should anticipate that price action will respond to that same price’s influence if it’s ever revisited.

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