The big question as we start the week is today going to be a big reversal day or is the first 90 minutes of trading a fake out and we are going to new lows. Intraday action helps set the tone often and today is no exception.
At the open, the S&P 500 via SPY moved to a morning low (pink dashed line with blue highlight) by 9:36. The low was $286.71. Then a rally lasted until 10:24 a.m. EDT before heading back to Friday's two hour low (brown line).
The high of the morning at 10:24 a.m EDT saw SPY hit pivot (pink solid line) before reversing course. A reversal day should see SPY go all the way to resistance (red line) which is $289.98.
These lines are part of what we call the Erlanger Value Lines and can be found in Erlanger Chart Room that interfaces with both Bloomberg and eSignal.