A Chink In The Armor?
The Qs and SPYs have both been
trading north of key 13- and 60-minute supports
as we approach midday, with a current lunchtime
battle between a possible three-minute chink in the armor and 13-minute trend
support. As with any time conflict, its resolution and emerging angles may
provide clues as to the afternoon bias.
Trader reaction to
(
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Quote |
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PowerRating) and job data relief provided the early pre-market
momentum, and the subsequent pace has evolved into a bit of intraday chop as
most of the index gains thus far were the result of the illiquid Globex futures
gap. Longer-term players will want to take note of the pullback toward daily
short support with today’s move, keeping in mind that daily, weekly, and monthly
trends on both the Qs and SPYs remain down.
QQQÂ Â Â Â Â
Friday September 6, 2002 12:15 P.M. ET      SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Good trading and
have a great weekend.
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