None of the ETFs met the criteria for a High Probability setup during Thursday’s trading day. Due to an error in the reported High of the day for the SPY on Wednesday, it appeared initially that the SPY was a candidate. After the data was corrected it no longer met the criteria for the High Probability setup. The SPY and DIA were both intra-day reversals, based on The Intra-Day Momentum Method. The QQQ reached the MS1 and MS2 Levels down and closed below the Open.
SPY Price Quote Discrepancy
Due to an error in the reported High of the day for the SPY, Thursday’s levels were incorrect. The reported High for Wednesday 10-21-20 was 348.68 and the actual High of intra-day trading was 345.66.
SPY – Corrected Levels
The corrected levels for the SPY were:
- Upward Limit = 343.74
- ML1 = 341.41
According to the correct calculation, the SPY was not a candidate for a High Probability setup. When I post to social media, I use the High Probability Setups and not the standard IDMM calculation.
At the end of the day, the SPY and the DIA became intra-day reversals according to IDMM calculations. Both stocks reached MS1 levels according to the standard calculation, but both were not high probability scenarios. The QQQ reached the MS1 and MS2 levels and closed below the Open.