A few other things I am monitoring:
Extremely high
PVP's have become important price pivots.
Multiple daily
PVP's building up near each other also have meaning.
Last Wednesday, the daily
PVP actually built at a price outside the 'value range' for the day. (ie, the
PVP was below the
Value Area Low). this
PVP was also the lowest (in terms of number of contracts) in the last few months. In this situation, this was a signal of extreme weakness as the market dropped another -30 pts the next day.
I find the 'daily
PVP watch' to be something that is quite useful to watch and think about. there is a ton of information there. Would love to discuss what others are seeing and what they may have picked up that I haven't yet discovered, which is surely a ton..