A Nice Rhythm
The markets continue to work
within a nice rhythm as yesterday’s
hourly oversold-on-support setup worked to perfection. Both the Qs and SPYs have
spent much of their mornings working off the daily overbought readings, thanks
in part to another round of weak economic data and CSCO rumors. Thankfully, we as
traders could care less about the cause of movement which is nicely reflected in
the chart patterns and setups.
As we approach midday, there’s some strength price/momentum divergence
developing on the 13-minute, yet amidst a downtrend with a strong support angle.
Given the longer-term charts, I’m advising folks to take it easy on the long
side today and lock in trails on the early morning short profits.
Thursday
August 1, 2002 12:25 P.M. ET
SPY
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Don Miller