Speaking of intraday wedges, SPX has a rising one:

If short ZOES, look @ the 15 min chart: it just broke out of a descending wedge.

Here's an interesting, simple and very successful rule-based/mechanical trade for SPY (but can be used for any stock) that was posted on another site. Data is 25 back-tested trades on SPY. No evidence it has been run in real time, so realize it's hypothetical. Also, 25 trades is not that many, stat-wise.

1. a long-only trade

2. at the close, SPY (or ABC stock) down >= 1 std. deviation, as measured by a 50-day moving average (not 20-day a la std BB's).

3. buy at the close

4. sell at the first close that is higher than the entry, otherwise close on the 5th day

The trade doesn't happen very often, only about 4x a year, so it's not something you can use as a primary system (unless you trade lots of stocks using it as well). The ave win is only 0.9%, so you'd need to trade a large sum to make it worthwhile after commissions. 

http://www.paststat.com/backtest-report/trading-strategy/SPY/Tuesday&Losers-with- 1Xstd(50)-down-move&/first-positive-close-5-days/2012-05-17/2016-05-17

Lol! It's been hard watching the price action while it runs up & down this range. 

IHS negated!

Sure did!

Sitting on the 9 and 5 ema right now (daily chart).

HLT, 15 min chart.

So far the pullback equals the biggest pullback since the reversal, ~ 10 pts. See if it can hold here.

OXY also looks like a red to green may have started. We will see. I'm watching 5 min candles.

Market is a bit heavy, so these could make a lower low this morning before turning up.

HLT: red to green move developing. Bounced off the 200ma.

Cooked - nice pun. Sorry, Tim!

I just realized Steve had a TV career before BPT, as Max Headroom! "He's nothing but a robot, covered in makeup...."

https://www.youtube.com/watch?v=nt56RMbpq_0

Har, har! It gets even more confusing when you short an inverse etf. Or how about shorting XIV - what the hell does that even mean, lol!

Well, it did in fact break an intraday line connecting highs. When it fell well back below that line I was out. Maybe just a dumb trade, but it was a trigger and a stop.

Amazing how many times these short trades don't work out in the current market environment. I had been watching this same time frame, I took the break, it reversed and I stopped out. I swear it does not pay to be a bear.

Of course, and same w/ IRA. Just agreeing w/ zitron that for a regular account it's a factor.

This is a great question/point. (For an IRA, of course, it doesn't matter.) I would think selling at, or just out of, the money vertical call spreads during the bad six months would be a good approach, but you'd need to research and develop a specific set of rules. Or, sell SSO or UPRO (possibly on margin). So it becomes more complicated if you want to negate the tax disincentive.

Not playing out so far. Getting a little long for a flag.