Climbing Out Of Consolidation
The index futures
markets confirmed yesterday’s strength bias with a powerful afternoon and
follow-through thrust this morning, and
have broken through recent weekly highs as we approach midday. Once again, the
techs have led the climb with the
(
$SOX.X |
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PowerRating) north of 360 and long-trend
supports now in place in both markets, on every time period except monthly.
As we head into the afternoon and tomorrow’s session, trading eyes now turn
toward the extent of the recent climb out of consolidation and distance between
market price and hourly trend support which will eventually result in a premise
for a decent reward/risk retracement short trade — even in the context of the
hourly uptrend — using low-risk triggers on lesser timeframes. Whether
that be this afternoon, Friday or Monday, we’ll leave that to the market, as
always.
ES (S&P)Â Â Â Â Â
Thursday November 21, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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