A Rock-Solid Guide
The Qs and SPYs — along with
their respective E-Minis
— are testing their respective critical 60-minute fences
as we go to press. Technology is the early leader,
helped once again by the
(
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PowerRating) which is up 3.5% on the day, reflected
in the Qs’ stronger price probe on the hourly chart.Â
As the hourly trend has a been a rock-solid guide on the way down and a wall on
every long attempt on the lesser frames, and since any turn attempt on the daily
has to start with an hourly uptrend (I realize that
sounds like an oxymoron, but think back a ways), where we trade
relative to it over the next few days will be key for longer term traders.
The early pace has been on the choppy side, with the 13-minute trend guides
continuing to play more of a fulcrum role on the SPYs as focus shifts a bit to
the hourly. A change in the 13-minute angle will be key if we’re to break the
chop we’ve been in now for a few days.
QQQÂ Â Â Â Â
Wednesday September 25, 2002Â 12:15 P.M. ETÂ Â Â Â Â Â Â Â Â Â
 SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Please note that
I’ll be away from my trading office on Thursday and Friday, so my next column
will appear on Monday.
Good Trading.
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