All The Ingredients…
Combine an open near lower
Bollinger Bands on multiple timeframes with volatility indices approaching
recent highs, and you have the
ingredients for a morning fleecing of the retail flock. I say "ingredients" as
students know that trend turns on the lesser timeframes are key to minimize the
risk of an oversold open becoming more oversold, which we had on both the one-
and three- minute timeframes.
As we approach mid-day, both the Qs and SPYs are testing hourly downtrend
supports (resistance on longs), and I would be alert for any breaks on the
lesser timeframes, should the hourly picture hold.
QQQ Thursday
August 29, 2002 12:20 P.M. ET
SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Good Trading.