Just playing around with some possible scenarios here. My idea is to use the march 2020 point as a point in time that has time periods evolving out from it in both directions. Using some key dates that are found from price action to create the vertical lines. This is really just to create a feeling for what is happening and then using the on balance volume indicator to identify areas of resistance and support. I am looking for support on the OBV at 11.59. If this does not hold or breaks down on a retest then the next level would be 4.64. At this level I will look at an entry to a long position on the S&P 500. If OBV heads up instead, although I do not expect this to happen, I will look at 17.11 as being where there is resistance. This would be a place at which to take profits or sell the whole position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.