Here’s One Way To Stay Sharp During Holiday Trading
The S&P and Nasdaq markets are
holding their hourly uptrends established on Friday in a light pre-Holiday
morning trade. Both markets have coiled
nicely off their bullish hourly 15MA cup handle, which as most know is one of my
favorite trade premises, with the re-established 13 minute support also
assisting in the process. Both trends will remain key heading into the rest of
this week as we once again challenge the daily downtrend supports.
With respect to the afternoon trade, there may be short potential on any break
of the three-minute off the 60 Bollinger Band, or preferably one decent pullback
long toward the 13 & 60 support area with follow-through confirmation. Yet
volume or lack thereof will likely remain an obstacle to follow-through even
from low-risk setups throughout the week.
One item to note is the current rhythm of ES, which has followed trend lines and
pattern formations with far greater consistency than NQ and remains the trading
vehicle of choice at this end. The hourly charts of both markets shown below
help to illustrate this pattern divergence.
My trading perspective on this Holiday week is simple: Maintain a general
awareness of the markets, perhaps trading lightly to stay sharp, while
considering any profits a bonus and finishing my shopping before the stores
close.
ES (S&P)Â Â Â Â Â
Monday December 23, 2002 11:20 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Charts ©
2002 Quote LLC
Good Trading!
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