Caution Advised
After a bit of early morning
follow-through to yesterday’s post-strength divergence afternoon rally,
the Qs and SPYs have appear to hit their
collective heads on/near daily downtrend support (resistance for longs trading
contra to the daily) and are substantially off their morning highs. Add in a
dose of terrorist-alert news and you may have all of the ingredients for a day
where caution — above all — is advised.
Longer-term players may choose to wait for resolution of the hourly uptrend vs.
daily downtrend conflict, while intraday traders look to capture what may likely
be tradable chop within the conflict range using our textbook one-, three-, and
13-minute triple threats.
QQQÂ Â Â Â Â
Tuesday September 10, 2002 12:30 P.M. ET      SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
“Nothing to do
with Trading” Tip of the Week
Superbowl underdogs by 14? Beat Spread
by 17
Opening Day underdog by 3? Beat Spread by 19
They say trade (1) with the trend and (2) what you see, not what you think …
don’t fight the Patriots gang … at least until the trend turns.
Good
Trading!
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