At A Standstill
Trade has just about come to a
standstill as we approach midday, with
both the Qs and SPYs remaining in an hourly downtrend as our key 13-minute
indicators consolidate and attempt to make a decision as to hourly continuation
or challenge. Opportunities have been rather limited with an early bounce off
three-minute trend support after the gap retracement providing the best
opportunity thus far.
So long as we remain in hourly downtrends, it’s tough to expect much out of the
lesser pops on the long side, and hourly traders may want to eye a potential
trend continuation should we climb toward hourly downtrend support (yes, I
continue to refuse to call it resistance, as it’s support for a very tradable
trend) and either the Qs or SPYs trigger short on the lesser time frames.
Follow through has been the largest intraday challenge thus far, with the hourly
providing a headwind on longs and the daily Bollinger Band providing an interim
headwind on shorts as we await the next major move.
QQQ
Wednesday
September 4, 2002 12:00 P.M. ET
SPY
Avg Legend: 5MA
15MA 60-Min
15MA See School and Video for Setups and
Methodologies
Good Trading!
Don Miller