A Fairly Tight Morning
The Qs and SPYs (sounds like a
great movie title) are testing critical hourly support as we approach midday.
This may very well provide clues into
not only this afternoon’s trade, but whether the recent rally is the beginning
of a longer-term market-stabilization pattern or just another “tick the heck out
of the shorts” move.Â
The first test of hourly support has held with the three-minute turn providing a
solid trade trigger as we await resolution of the 13-minute downtrend support
which is current resistance on longs. All in all, a fairly tight morning after
the retracement off the early CSCO-induced gap.
QQQ
Wednesday
August 7, 2002 12:15 P.M. ET SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
I’ll be at the
Online Expo over the next few days, so my regular column will return on Monday.
Good
Trading!
Don Miller
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