Four Themes Continue
The index futures
markets have thus far continued recent themes of low volatility, low volume,
timing conflicts and narrow intraday ranges
as we approach midday of this midweek session. The
S&Ps are currently trading within yesterday’s range while the Nasdaq has
penetrated Tuesday’s highs, which has resulted in limited opportunities in terms
of reward/risk ratios. Volatility traders should take note of the VIX, which has
dropped south of 30 for the first time since June.
While midday charts provide a slightly bullish bias, I’d prefer to see a further
price probe and hold of hourly trend support which would provide a combined
13-minute and hourly tailwind to challenge a breakout of the top end of the
recent logjam, which is beginning to make Boston’s “Big Dig” traffic jams look
modest in comparison.
ES (S&P)
Wednesday November 20, 2002 11:20 A.M. ET NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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