’90s Flashback!… Here’s Why
Major markets are net flat as we
head to press, with “net” reflecting the operative word. I
say “net” because the market has been very kind to intraday traders
recently, and this morning was no exception, with a textbook 13-minute
post-turn pullback entry amidst the daily and 120 tailwinds. Early short scalps
off yesterday’s late day turn were also available, with the 13 turning on
pullback #3 — which, by the way, is precisely why I
have all of my mentor
students count pullbacks in their trade logs.
Anyway, the market remains a flashback to the ’90s as bull trends remain on the
daily and weekly charts with many eyes on the ES mega-resistance in the high 900s.
Heck, even yesterday afternoon’s FOMC oscillations brought fond tears to my
eyes. Keep an eye out for potential afternoon divergences should we climb
further to gauge the momentum strength, and count those pullbacks on the
upside!
ES (S&P)
Wednesday May 7, 2003 12:00 PM ET
NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Good Trading!
P.S. Spend a week with me trading the E-minis —
Live! Click
here for details.