Weekly Pivots Update

Last week's study predicted that this week's pivot range would contract significantly, which is clearly the way it turned out. Had Thursday afternoon's bailout plan not been torpedoed, I suspect the pivot range might have looked a little different, but this is the way it turned out.
I've added an orange colored block on the pivot range scale to designate the close of the week, just to show how the week's momentum ended. You'll notice right away that the closing values do not correspond exactly with the pivot values, but that's because the pivot values are fixed, so the orange cells are just the closest value to the close that the pivots will allow. I hope that's not too confusing.
Current financial conditions are unprecedented and the impact on the markets still has a long way to go to be sorted out. No news there and, as I've mentioned previously, technical analysis is most effective in providing a trading edge when market parameters are identifiable. This is currently not the case, and it should come as no surprise that volume has almost been chopped in half this week for our little ETF basket as the smart money sits on the sidelines.
IMHO the best course of action at this point is to stand back and avoid becoming collateral damage as the "smartest guys in the room" decide how they'll spend the few remaining tax dollars that are left in the treasury and/or develop some creative new taxes to finance a bailout of the greediest guys in the room, now sanitized as a "financial rescue plan".
For my own account I'm trading small for the time being, focusing on the opening gaps and intraday pivot swings that are my bread and butter. The weekly pivot chart above is now in a position for explosive range expansion. Whether that expansion will come to past next week remains to be seen, but it will happen shortly as the pivot spring is now tightly coiled.