An Interesting Test Ahead?
Both major markets have been
holding hourly uptrends thus far this morning in a light post-Holiday trade as
we start the week. Longer-term trading
ranges remain intact as both markets test hourly bull cups with 15MA handle
bases. Any further move up in the afternoon would also result in 13-minute bull
cups, which if coupled with the hourly may provide an interesting test to the
upper end of the recent longer-term logjam.
Faithful readers will note I’ve made a slight change to our multiple chart
window below, reflecting 120-minute charts vs. the daily to reflect recent
market rhythms. As always, the study settings remain the same as other
timeframes, including 15 period SMAs and 2.6 standard deviation Bollinger Bands.
I’ve also expanded the window slightly for better viewing. I’ve also
superimposed the current 120-minute trading range, which forms a triangle
bounded to the south by our MA, as is often the case with our MAs.
ES (S&P)
Monday April 21, 2003 12:00 PM ET
NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Good Trading!