Thoughts....

I was taken out of more positions last week than I have in a long time, but that's how it goes. Since the overall market volume has been less than impressive the past couple of months, we need to be aware of the fact that technical analysis is going to be much more difficult. I don't know for a fact, but I've read that Program Trading comprises 50% - 75% of all of the volume across the exchanges. When it shrinks, it makes for a tough environment. All we can do is make every attempt to identify the "key" S/R levels, trade small and get out if those levels fail.

Although I've redrawn the connection between the shoulders several times, I still think the H&S is intact. I may be wrong, but my opinion won't change until we take $SPX 945 out. The primary Sentiment Chart I follow "supports" my thoughts, as it "suggests" we are either at or near an intermediate term top. Time will tell.

As I've mentioned on many occasions, there are a lot of different ways to trade the short setups I post. I typically just go in at the posted level and slap my stop in place. Sometimes, I use the 60 Minute as a guide to improve my timing. This is an old example, but it'll give you an idea. If I had used it last week, it would have kept me out of a lot of losing trades. I'll try to get some more examples up soon.

I still have some scans to go over tomorrow. If I come across any fresh setups, I'll get them posted tomorrow afternoon when I finish the Trading Spreadsheet.