Here’s Where The Market Bounced
Both major
markets are in uptrends on our key 13 and 60-minute trends in the context of
daily downtrends as we approach midday.Â
Both markets have thus far cooperated nicely in retracing off their early gap
extremes (thanks, Bollinger Bands) and bouncing off 13-minute supports (thanks,
15MA) in the first “orderly” pullback from trend extremes in what seems like
months.
Despite an emerging 13-minute VIX.X downtrend, the hourly and daily trend
conflicts may result in some testing of their respective supports and lead to
some chop as the market tests new levels.
Yesterday afternoon’s moonshots were propelled by simultaneous turns in the
13-minute VIX.X (cross below support) and the S&P (cross above support) which
provided several scalp and swing opportunities on both the long and short sides,
with the 13-minute and hourly charts providing strong visual guidance for entry
and exit premises.
ES (S&P)Â Â Â Â Â
Thursday March 13, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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