How The Philly Fed Gave The Market Some Direction
It’s been a “slow goes it” kind
of day in terms of trade pace and opportunities, as we approach the end of this
Holiday-shortened week, as ES has spent
the early session trading inside of yesterday afternoon’s range. The techs have
been a bit stronger as has been the case recently, leaving ES in a flat line
torn between tech strength and industrial weakness, as well as torn between its
opposing 13-minute and hourly trend supports.
Release of the Philadelphia Fed data at noon may help the markets choose a
direction, as would a break of the current ES trend conflicts, yet with the
Easter weekend looming quickly, starting back up on Monday may be a viable
option.
ES (S&P)
Thursday April 17, 2003 12:00 PM ET NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Good Trading and Happy Easter!