I know we have all seen charts like this where it is many DMAs and/or EMA's and you can't be LONG once they have all crosser over, because each line is a wall that has to be attacked, and eventually beaten.
I have used these, and every type of indicator, including Market Profile which is a completely different kind of chart. There are time/price opportunities in 30 min peariods.. We have all seen @Mojo talking about the 1 minute opening range, and popint of control these are part of market profile which measures volume of buy vs sell in a given 30 minute timeframe, price tens to return to the mean, be it market profile, VWAP, the Pivots..
We have had 2 counter trend days of buying, happy Bulls who think this is the bottom, and it could be, but most of the Senior Members in the room think lowwer.. See all the EMAs and DMA overhead?
I wouldn't be surprised if we open Bullish on Monday morning but IMHO I think heavy selling will return by Tuesday.