Point & Figure charts filter out the noise and ignore time to give chartists a clean look at price action. On the 60-minute P&F chart below, the S&P 500 bounced off the 1540 level three times since mid March. This is about as clear of a support level as you will see and chartists should watch it going forward.
Click this image for a live chart.
Click this image for a live chart.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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