Classic Cups

  • November 8, 2002
  • Don Miller

Both the S&P and
Nasdaq markets remain in hourly downtrends which triggered yesterday
as the retracement off the recent run continues. Spotting
the classic morning bearish cups on both the three- and 13-minute charts
supported by the hourly downtrend support was the ticket to early profits, with
lower 13-and 60-minute Bollinger Bands providing our usual exit guides into the
retail panic.

Given that the two-day drop has brought both markets to the area of daily
support and the fact that many will be taking a long weekend, I’m expecting the
afternoon trade to be on the lighter side.

ES (S&P)         
Tuesday November 8, 2002  12:30 P.M. ET            NQ
(Nasdaq)


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

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Charts ©
2002 Quote LLC

As I mentioned yesterday, I’ll be
away from my trading office all of next week, and expect to return on Nov. 18. 
Until then…

Good Trading!


Don Miller

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