Why do you say that? Bounced off S1, met R at R1. On the NQ, anyway. Edit: Sorry. Make that "bounced off pivot".
do not have enough screen space to watch all markets, only ES. And ES was wiggling around pivot all morning.
You may want to think about tracking the YM, ES and NQ simultaneously. You can usually cue one off from another.
The Pivots are working today. We are simply seeing a contraction in the range of trading which is not so surprising given the markets activity earlier in the week.
Look at the weird spike down at 10360 on Globex how the cycle was finished (in counterclock path this gives a Feynman Local bottom at 10362 see same chart below posted yesterday and this time it's overshot by two points and not undershot by two points) As put in my guide : "during globex session future contract behaves as if it was the spot "
Waggie, could you explain your earlier comment about not using volume? When I was on the floor (ags), it made a huge difference whether, say, ADM was bid for 1000, or whether mainly the locals were bid for 50 here, 20 there, 35, somewhere else. Also, the locals were famous for running up the price on one lots to draw out paper from someone sitting behind a screen who didn't know how much real buying (in this case none) was behind the move. One of the challenges I've faced is trying to figure out how to trade off the floor without this kind of info. Maybe in a big, liquid market like the S&P this matters less? Thanks for any comments!