Why You Should Watch The Cash Today
“Man the lifeboats” has been the
early theme of the morning once ES broke the all-important 910 level in air
pocket fashion. As we discussed
yesterday, market-topping potential existed given a series of price vs. momentum
divergences, and a clean break of 910 and the hourly channel indeed triggered
stops across the globe. Yesterday’s weak close in the last ten minutes which
broke key intraday supports, combined with the divergences to provide the heads
up, with the break of 910, provided the anvil in true Wile E. Coyote form.
The Globex E-Mini feed is down, so watch the cash market for now. As we await end of the rain delay, keep an eye on the developing daily
vs. hourly trend battle, which may provide ping-pong scalp opportunities until a
potentially larger break occurs to break the current conflict. Respecting 910 as
interim resistance in addition to our standard indicators, may provide at least
one short-term pullback trade with stops on a break back north which would
attempt to continue the daily.
ES (S&P)
Thursday
May 1, 2003 11:40 AM ET
NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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