Classic Conflict

  • October 22, 2002
  • Don Miller

The equity
futures markets are embroiled in classic 13 vs. 60 minute conflicts as we go to
press. The hourly uptrend, in place for
much of the last several days, is getting a strong test in the face of a
potentially bearish head-and-shoulders pattern on the 13-minute chart.  As a
result, this afternoon may be do-or-die time for the recent S&P and Nasdaq
uptrends as the market lets us know whether buyers will defend the hourly
support or whether sellers will play the role of ACME anvil company.

Given the 13-minute 15MA is currently bracing the potential right shoulder, it
presents a decent stop premise if you shorted using the lesser period break
triggers, and resolution of the 13 vs.60 conflict may speak volumes as to
direction over the next couple of days..

ES (S&P)         
Tuesday October 22, 2002  11:30 A.M. ET            NQ
(Nasdaq)


Moving Avg Legend:
5MA
15MA 60-Min 15MA

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2002 Quote LLC

Good Trading!


Don Miller

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