PP (Pivot Point)

Daytraders from the old days mostly are floor traders. They did not have access to charts, or pretty much nothing else. Having pre-calculated price levels derived from previous trading day, namely, the pivot and its related support/resistance levels, these floor traders got the necessary anchor they needed. Nowadays, as these price levels are widely publicized, reaction to these price levels reveal how much influence the daytraders have over the price actions during the day.

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