A Bit More Left?

• July 30, 2002
• Don Miller

Volatility remains
low on this hot summer Tuesday, resulting
in rather modest intraday trade ranges as we approach midday. Both the Qs and
SPYs remain in hourly uptrends, with the techs a bit weaker thus far this
morning. The tight trading range isn’t a huge surprise given the proximity of both
hourly support and daily resistance, and if you stretch the charts out to
weekly, you’ll see there still might be a bit left in this bungee retracement.  

As we’re a bit in no-man’s land, I’d
ideally like to see either an exhaustion surge up or quick move down toward
supports to set up the next trade sequence, yet the market thus far is moving about
as quickly as the Cape traffic right now.

 QQQ                      
Tuesday July 30, 2002  11:45
AM                          
SPY 

Good Trading!

Don Miller