Alex: I see that you've split the S&P profile into a 3 hour and rest of day profile. I assume that you did that at the end of the day to give us a picture of what happened during the day. Do you ever split the profile like that during the day? If so, when would you split it and what are you looking for?

Thanks!

There is always a bit of subjectivity as to when a distribution ends and another one begins. I split the profiles constantly during the day looking for clues but this split was a clear trending time frame and obvious

Personally I would have left the H bracket with the first split because I only saw the trend start in the I bracket.

Subjectivity is the answer. I won't argue one way or the other ie whatever works for you. Note how on Wednesday 12/21 the mkt retested the breakdown level of the low point of H