Here Are Two Afternoon Trade Possibilities
Note: We’re going to press a bit
early and keeping it on the short side today — pun intended — so I can help
fund my dentist’s retirement.
The S&P and Nasdaq markets are in solid 13 and 60-minute downtrends as we
approach midday as the gap failure of
hourly trend support has reversed yesterday’s uptrends and the recent trading
range merry-go-round continues. Early morning short opportunities included trend
continuation triggers using either one- or three-minute charts with the 13 and
60 at your back.
Given current market prices compared to our benchmark 13 chart, afternoon trade
options for those not currently managing positions include any confirmed
pullback to the 13 or reversal triggers should we further implode toward the
lower Bollinger Bands. Traders currently managing shorts can continue to use the
13 and/or 60-minute downtrend supports as trails, covering pares into any
further retail spikes to close positions on the wholesale side of the trade.
ES (S&P)Â Â Â Â Â
Wednesday December 18, 2002 11:00 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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