Some key support and resistance numbers on the 240-Minute Chart. Part of the markets up and down move yesterday was due to a supposedly misinterpreted Geithner comment about currency, which was later clarified. It was one of those "I did not mean what I said" type of statements.
The dotted green line on this 10-minute chart is what I call a Midas VWAP. The term "MIDAS" comes from the "MIDAS Method of Technical Analysis by Paul Levine." On the 10-minute chart, the first bar has a 1-bar VWAP, the second bar has a 2-bar VWAP, and so on until the last bar which has a 39-bar VWAP. So the green line is the cumulative VWAP for that day. I may do the same for the Pivot line, and come up with a MIDAS moving average. Stay tuned.
Charles
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