Here’s The Likely Bias
Both major markets have carved
out early 13-minute uptrends, and after a light-volume open are approaching
intraday highs as we head to press. The
tight hourly Bollinger Bands into close on Friday gave us a heads up as to some
expected early chop until the market tipped its hand, which in this case was the
evolution of our key 13-minute trend angle on the climb to the north.
Longs remain the likely bias heading into the afternoon session, until the winds
change on the combined 13 and 60 minute uptrends. Looking for pullbacks as close
to trend support as possible on one’s traded timeframe can provide both profit
potential as well as a tight stop should the winds reverse. Given the plummeting
intraday VIX (26.90 at midday), taking long profits as they appear may be
prudent.
ES (S&P)
 Monday April 14, 2003 12:00 PM ET  Â
NQ (Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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