Here’s What I’m Looking For This Afternoon
Both major markets are trading
within the confines of strong opposing 13 and 60 minute trends as we go to press,
providing an outstanding scalp environment as we await the trend conflict
resolution. Given the strength of each opposing trend, both of which were rock
solid and a strong guide throughout yesterday’s trade, trusting each one has
been paramount in effectively taking any profits out of today’s early trade.
A turn north of the 13 may further continue the hourly and dailies, yet I’ll be
looking carefully for emerging divergences on further extensions as reward/risk
ratios on new longs begin to erode and the higher probability trades shift to
reversal shorts, but only if triggered.
ES (S&P)
Tuesday
May 13, 2003 11:30 AM ET
NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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