Here’s Our Primary Source Of Resistance…
Both major markets opened this
morning with gaps to the north of our key 13 (NQ) & 60 (ES) minute
supports and have been sustaining their respective
uptrends as we head to press. Hourly bull cups with potential 15MA handle bases
are currently in place, with divergences continuing to be the primary source of
resistance each time the intraday periods align themselves with the daily, which
is the case heading into the afternoon session.
As has been the case over the last several weeks, intraday bias remains on
whatever side of the 13/60 combination ES and NQ is trading, with ping-pong type
scalps in play when the two are in conflict (i.e., NQ pre-10:00 A.M.), intraday
short scalps with both are down given the daily support, and pullback longs when
trending in line with the daily.
ES (S&P)Â Â Â
   Â
Monday June 16, 2003 12:00 PM ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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