This chart is a bit late, as I was just reviewing an old script I posted a few years back called Arbitrary Price Pivots
. The theme behind this post is the Arbitrary Price Pivot
indicator used here is based on the new Quarterly level for SP500
. This version of APP colors the price bars based on its relative position versus the time selected ( 3M
, equals three months, ala Quarterly time frame). So the view of this chart is attempting to showcase the movement of SP500
on a Quarterly time frame in conjunction with the rotation of contracts each Quarter. The indicator in the lower panel uses the Advancing Issues and Declining issues of the NYSE as a momentum reading. We obviously have begun this latest Quarter with a bearish
bias thus far.