Testing Resistance

The Qs made a run at the November highs yesterday before retracing back to the VWAP into the close. Volume was unusually anemic as traders appear poised to head for the exits on the first break of support.
The pivots, as usual, provided great intraday swing targets and both the parabolics and the 7/14 MA cross displayed the triggers to pick up a few quarters along the way. Over the course of the past few weeks one the themes we've been discussing in the Rewind Chatroom is the tendency of the market to surge in the last hour of trading. Once a trendline is established, it's unusual for that trendline NOT to continue into the close. This was the scenario I was looking for today as the last hour progressed, but, alas, it was not to be. My preferred tactic at this point is to short the bumps against R1 levels, scalp off a few bucks and then wait for the next setup.
That being said, there are a number of technical setups that argue for a new bullish surge, so I'm cautious about getting too exposed. My general feeling is that it's too late to get long and too soon to get short on a swing trade basis, so my risk deployment is focused strictly on an intraday basis for now.