Why Everyone Is Watching This Longer-Term Pattern…
It seems like old times this
morning as the spastic Nasdaq has likely prompted some traders to head for the
Dramamine. Both markets are attempting
to form longer-term right shoulders with the ES 990 and NQ 1220 (approximate)
intraday highs providing the make-or-break line in the sand for H&S traders.
As we head to press, ES continues to test its key 13 minute support and all eyes
will be on the momentum strength on any afternoon bounces given the retracement
off mid-morning highs. And while we have breaks of some lesser timeframe
uptrends, breaks of all remaining intermediate long supports, including both 13
& 60 on ES, will be required if the longer term H&S pattern the world is
watching plays out successfully.
ES (S&P)Â Â Â
   Â
Wednesday June 11, 2003 12:00 PM ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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