Double Top and Pivot Point on the SP500

Apr 7, 2009: 9:41 AM CST

Adam Hewison released an instructional and current video of the S&P 500 15-minute chart where he highlights a possible Double Top and then explains how to find the “Pivot Point” and calculate a Price Projection target off those levels (which almost came fully to pass this morning!).

Entitled “Intraday S&P 500:  Double Top and Pivot Point,” Adam explains these commonly occurring chart patterns and describes how they appear on multiple timeframes as well as how to recognize then trade them.

(Clicking the Image opens Adam’s video page to view the annotated chart)

In this example, he’s capturing the chart prior to Monday’s close and noting that a double top might be forming short-term.  He explains why the pivot point is important (which is the arc in the middle of the double top) for calculating the price objective, which you will see in the video was almost hit on this morning’s gap-down open.

Just like I do in my frequent intraday posts, the more times you see these patterns for yourself, the better you’ll be in real time to trade them when they develop.

Corey Rosenbloom
Afraid to

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