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.
