Here’s The Ticket
We’ve discussed over the past
week the need for
a successful test on any hourly turn to the north to
have a chance at a longer term reversal, and such a test is in progress as we go
to press. One would have to go back to January 3 (remember the CNBC pom-poms?)
to find the last time the hourly was in a bona-fide uptrend attempt, and
I continue to stress “attempt” until we get a turn in the support angle and a
successful pullback test.Â
As the daily trend remains down with a significant
downtrend support angle, the current hourly test is analogous to breaking an egg
in the early stages of the baking process … in other words, the market
continues to have a lot of work cut out for itself on the long side, and
sometimes you have to break a few … oh, never mind as I can already see the
mail piling up.
Given the continuing timing conflicts, keeping the trade light remains the
ticket. For those considering a pullback long entry, using a trigger on a lesser
timeframe with a tight stop south of support will help to minimize risk.
ES (S&P)Â Â Â Â Â
Tuesday February 11, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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