The LR30 mean has served as overhead resistance for the Qs October slide. Until the Qs can muster strength to get above that line longside bets are best kept in check. For the present, even the shorter term 11 and 3 period LRs are downslope . . . yielding 3 arguments for the shorts.
The interesting thing here is that as the PP trends down (series 1-3) the 3 and 4 week moving averages of the R1-S1 range (series 4 & 5 have continued to rise. As long as these 2 slopes continue to converge, the downtrend is firmly in place.
We are clearly experiencing a new paradigm in the markets that probably has a few more surprises in line for us before a real bottom sets up. Today the DJ is currently up 156 while the VIX is down 4.5% to 76.5. Anybody who'd suggested a VIX of 76 in the midst of a rally 12 months ago would have been hauled off for psychiatric evaluation . . . but here we are today.
I'm sounding like a broken record, I know, but IMHO daytrading continues to be the best risk management approach to current market volatility.