The DIA reached the ML1 @ 295.58 in the first 30 minutes of trading. Fast moves can come from false moves. The strongest markets do not pull back all that much. A strong market would not likely create new lows or test the Open of the day. The downside limit is 293.61. A move to that area would decrease the likelihood of a close above the ML1 Level.
The SPY reaches the ML1 @ 358.81 in the first 30 minutes of trading. Fast moves can come from false moves. A strong market is not likely to pull back to the Open or create new lows on the day. The downside limit is 356.51.
All three market-based ETFs reached the MS1 Level in the last hour of trading.
None of the market-based ETFs reached any levels during today’s trading session.
The QQQ was an intra-day reversal on Wednesday. Back-to-back intra-day reversals are not likely. This is another part of our research that we are working on.
The SPY reached the MS1 Level Down @ 359.18. This was the IDMM-HP signal. The SPY then rallied back up to 360.06. After the rally, it returned lower, reaching the MS2 Level @ 357.45 and closing below MS2 Level.
The QQQ reached the ML1 @ 293.21. This was not of the HP variety of the model. The QQQ then reached the MS1 Level in the last few minutes of trading. As discussed in the results from November 17, 2020, it appears that a ‘Fade’ is a more suitable trade in this scenario (Stocks/ETFs that do not meet the criteria for IDMM-HP) than a ‘Directional Trade’.
The DIA did not reach any level during today’s trading session.
The SPY has reached the MS2 Level @ 357.45
The SPY has reached the MS1 Level @ 359.18 shortly after 2 PM. Upside Limit is 361.78.
The SPY reached the ML1 Level @ 361.63. This was not of the IDMM-HP variety. The SPY closed below the ML1 Level.
In the original articles that were published on The Intra-Day Momentum Method Levels in 2013 (Articles – Dettermining Daily Intra-Day Direction, Is it Possible? and How the Intra-Day Momentum Method can Help You Make Better Trading Decisions), the idea was to discover how to trade the levels. Should you ‘Fade’ or ‘Trade’ a move to the level. Over the past 5 years, we have been tracking the levels and cataloging this information. It appears at first glance, that the non-HP version of the levels would indicate a ‘Fade’ would be better than a ‘Directional Trade’. While this is a very recent discovery, our goal is for constant and never-ending improvement.
The QQQ and DIA did not reach any level during today’s trading session.
The QQQ reached the ML1 Level up @ 292.57. The Q’s then pulled back to just above the Open and Closed above the ML1 Level.
The SPY and DIA did not reach any level during today’s trading day.
The QQQ reached the MS1 Level down @ 287.88 and rallied to the Upside Limit and Closed above the Open. The SPY reached the ML1 @ 357.42, in late afternoon trading and closed above that level. The DIA reached the ML1 @ 294.62 and closed above that level.