Here’s A Potential Short Trigger For This Afternoon
The major indices are in the red
this morning, extending yesterday afternoon’s break of critical hourly support. Both
the Nasdaq and S&P markets are working off their oversold hourly condition as we
approach midday, and are approaching their respective 13-minute downtrend
supports in the process. As such, and while the hourly chart reflects a current
no-man’s land priced halfway between extremes to the south and downtrend support
to the north (translation = will pass on the 50/50 probability), traders may
want to consider any trend breaks of the micro timeframes to serve as potential
short triggers against the 13 for a possible afternoon trade, with stops should
the 13-minute reverse. Yet volume remains on the lighter side today which always
carries additional risk in terms of profit potential and Holiday shopping is
always an option.
Reviewing the hourly cup-and-handle sequence of the past few days and columns,
its final resolution (two ES bounces for 7-10 points and then a final failure)
further reinforces the need to take partial profits on the retail moves with
trails no worse than at premise support or entry price, in order to pick up the
quarters while waiting for the market to determine when the reward will be more
of the folding kind. Thus the name of this site of TradingMarkets and not
HopingMarkets.
ES (S&P)Â Â Â Â Â
Friday December 13, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Good Trading and Have a Great
Weekend!
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