These are 5 minute bars shown, although the pivot bounces were clearly evident in all time frames.
Those 3 bearish chops at 11:00, 11:30 and 12:00 were a pretty good indication that bullish traction was going to be hard to come by.
This was not an easy day to trade (at least for me) as there was a distinct divergence of strength between the Qs and the rest of the major markets, including energy and the financials and I'm never quite sure when mean reversion action is going to kick in. Based on a quick lookback at yesterdays 4 ETF post, it looks suspiciously like everything may be headed back to the daily LR30 means. We shall see.
My one "decent trade" was an afternoon short of the Qs based on a bearish convergence of all my lower panel technicals confirmed by a parabolic SELL and a LR30,14,7 downslope that continued right into the close as the Qs plummeted back to the PP pivot. Covered at the close.
FYI, the last indicator on the lower technical panel is a Time Series Forecast 10+2 on top of the Detrend 30. The TSF smooths the detrend signal line and works well as a compliment to the 4,7,14 MAs.
So you're probably going to say, "Hey!, what about that little bullish turn up in the last 15 minutes?" "Wasn't that a signal to cover?"
Good point, and I was tempted to walk away from the trade at 3:50 but, being this close to the lower pivot and with the other indices in virtual freefall, I decided to risk it and ride into the last 20 seconds of the day. Sometimes the attraction of the pivots is the best tell...........