There isn't a trading day that goes by that I'm not amazed at just how accurate our market scaffolding levels are.
Today, Monday, 5/22/23, was another one of them. Despite the market hanging out in Chop City, our market scaffolding level near 4212 was as relevant as ever! (its the dashed grey line).
Additionally, notice the 4 major lows from 4AM PST until 12PM PST. Price reacted nearly to the tick off some of our Roadmap levels. In the ON(overnight) session, price bounced right off the PDC - seen on the chart as a small white dotted line at 4198.25. Only to push and fail off the 50PD(magenta dashed line) at 4209.50.
Things got messy at the open, as youd expect, but the low of the AM was our PDL Roadmap level, the green dashed line. The market rallied off that level only to fail off......our trusty market scaffolding level. Price then bounced from the PDC again, failed at the market scaffolding(again) and then bounced right off our HoPL Roadmap level (dashed orange line).
As I type this, the market is now BO(breaking out) from the strong market scaffolding level at 4212 and making its way to test the AM high.
I share all of this with you to make a point. Even when the market seems to be asleep and very tight and choppy, our S&P 500 Roadmap levels are still relevant and, if I dont say so myself, nearly exact!
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