Here’s Why There May Be Some Intriguing Possibilities Over The Next Few Days
Both major markets are holding in
13 (up) vs. 60 (down) intraday conflicts as we approach midday of this
triple-witching Friday, with early shorts
off the gift gap into the 60-minute downtrend support — accompanied by a
textbook one-minute trigger — the best opportunity thus far.
A break of 13-minute support is a prerequisite for continued short potential,
with a key battleground developing on the daily ES chart which is testing
support on a fourth pullback following the late May bull cup extension,
following weakening price vs. momentum divergences on the recent climbs. Add to
the mix the psychologically key 1000 ES level and we have the makings for rather
intriguing possibilities over the next few days.
Extensions may be an issue heading into the afternoon session, yet resolution of
the current 13 vs. 60 conflict may provide clues as to trade potential. Given
the longer term divergences, I remain biased toward locking in quick profits on
longs — or perhaps even foregoing them — with eyes on potential reversal
triggers should they occur next week, including a break of the daily support
which would then align 13, 60, and daily charts for a decent retracement
opportunity.
ES (S&P)Â Â Â
   Â
Friday June 20, 2003 12:15 PM ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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Weekend!