Hurdles Are Getting Higher

• September 26, 2002
• Raghee Horner

Wednesday’s
open was more than a little interesting:
Even though there was a decent gap up, for the most part we
gapped right up to resistance level from Tuesday.
It was an immediate fade. The
market did find footing after closing the gap and continued into the afternoon
to keep the bull’s attention and make new highs.
The 830 level on the ES and the 865 level on the NQ were key.

ESZ2 close line
five minute 24 hour chart

NQZ2 close line
five minute 24 hour chart

Expect
a pullback today (Thursday)?  It
will be interesting to see if we can sustain this run into Thursday’s close. 
At this point resistance is at 845.50 on the ES and 891.50 on the NQ as
both the contracts are pulling back from these levels. 
We are trading very close to significant levels:

(
ESZ2 |
Quote |
Chart |
News |
PowerRating)
@ 850 is a decade and psychological number and…

(
NQZ2 |
Quote |
Chart |
News |
PowerRating)
@ 900 is a big century level.

ESZ2 five
minute

 

NQZ2 five
minute

If
we do continue upwards today (Sept. 26):

The ES
will find resistance at 845, 850, 854.25, 863.75, 868.75, 873.25. 880, 891.75,
900, 903

The NQ
will find resistance at 891.50, 900, 902.50, 910, 911.50, 
920, 931.50

Until
next time,

Raghee

Raghee Horner is a
private futures and stocks trader in Boca Raton, Fla. For 12 years she has
specialized in price action, charting, and trading psychology for intraday and
swing trading plays. Her focus is on trading the E-mini S&P 500, E-Mini Nasdaq
100 and the stocks she feels have particular synergy with those futures contracts.