ES tonight

Cheers Garry - I'm a fan of $TICK too.

I had a rough day too yesterday. Was looking for a pullback to go long and my gap and swing trade just ended up getting stopped out on the move downwards.

What caught my attention though was the 'shape' of the move - I refer to it as a sharks fin, remember it catching my eye on 7th January this year when something similar happened and I attribute it to price discovery when fundamental values are uncertain, this weekend being a case in point after mixed reaction on Chinese news.

I should have known better really. Incidentally the 7th Jan move was the precursor of attempts that led to the January highs where it then range traded for about a week.

i know it's still early in the session and there's still plenty more downside potential, but just wanted to share a snap for those who doubt the significance of Pivot Points -
even in the midst of a "crisis", with markets selling off >3%, look how well PPs hold up:

The pink coloured Camarilla S4 is my usual breakdown sell trigger, but look how well the FTP S2 holds up as an extreme (& target) and where the market, if not bouncing, has certainly taken a breather......

if price does break down through FTPS2,
the next Pivot level is at around 1013 that would be a helluva drop and create worldwide panic wouldn't it ?

so i wonder whether another bounce of FTP-S2 might be on the cards shortly .... ?

sorry, that's nonsense, there's still the 1065 level from 2 weeks ago that may be tested,
so if FTP-S2 doesn't hold, I'll try to grab a quick 5 points from a resting Short Stop Entry @ 1070, then see what happens

well the FTP-S2 served as a barrier on another two tests before giving way to the almost inevitable test of 1065.......

Are these levels the same as what you are using? I understand you use weekly pivots, R1, S1, is that right? I just stuck the weekly 'classic' pivots on my FTSE chart and they gave some good levels.

http://www.mypivots.com/dn/

http://www.mypivots.com/dn/?symbol=289