Point and Figure charts make it Brain Dead Simple.
....771. NYSE Composite Index ($NYA) MONTHLY CHART
Where is price on the month NOW?
The answer as of December 24th is a close of 10258 that is $1.00 more than the close of December 3rd! The month of December closed down -266.16 at 10143.42
....7713. $NYA - daily PnF, 700
Jan 27th and marked at the top of the chart until it changes. Bearish signal reversed until it changed to a column of O's the next trading day!
This is a traditional PnF chart where the box size (scale of price change is fixed at 50 points). A 3 box reversal (the minimum price change for a change from X's to O's or visa versa) is therefore 150 points.
The most recent (original) sell signal was generated at 9950 on January 4th, where the long column of O's going down went lower than the previous column of O's.
Another sell signal was generated at 9400 and again at 9300 and again at 9150.. In each case a more recent column of O's went lower than the previous column of O's.
...36. Russell 2000 Small Cap Index ($rut)
The TED LINES won't change (they have been posted in advance for months and sometimes years) and they are where price will change momentum or direction.
Support and resistance is not based on pivot points, or theory, it is based on objective analysis of price activity over the life time of a trading instrument.
The only thing we can objectively define in advance is support and resistance. What else do you really need to know. (except understand the methodology to find it) Support and Resistance based on price analysis may be objectively defined.
You are the judge! You can evaluate the outcomes on these charts.
...366. $RUT - 1 hour Candlesticks, 1024 3
1173 has been a price level where the Russell 2000 has changed direction 8 times since Oct 31, 2014. (not 2015)
Watching where (not when) price has changed momentum or direction before offers insight into the next price that the process may repeat.
...3666. $RUT - daily PnF, 460
Look left to be right.
..411. NASDAQ 100 Shares (QQQQ) candle
Now the activity is at 108.00 +/- a small margin of error.
Now we can see that within the margin of error of 1/2 of one percent that 104 +/- .50 cents has been an important level before.
One message! If you know how to to accurately find support and resistance you can make it work for you.
If you don't know, you don't know! It's in my e-book!
It is all about objectively defining where price has changed momentum or direction in the past. These are the TED Lines and they are posted in advance are are light years ahead of any other indicator.
..42. QID - Daily Candlesticks, 1024
Added on May 18th with Tedlines based on a 60 minute PnF ATR chart
..43. QLD - Daily Candlesticks, 1024
..433. QLD - 60MN PnF, 460
1. $INDU - Daily Candlesticks, 1024
November 1915 high 17977.85