Intraday Bias Long, For Now
After a bullish opening gap and
subsequent price probe south of key double 13-minute and hourly support,
both major markets have broken out of
mid-morning bullish 13-minute cups and are in positive territory for the day, to
put a momentary end to their recent fence-sitting posture. Hourly trend supports
are actually attempting to form an upward slope for the first time in a while,
and the longer we trade north of it, the stronger its potential support.
As both markets are bouncing off their first substantial pullbacks to the 13 as
we approach the afternoon session, and given the hourly safety net, the intraday
bias remains long for now until we either pull farther away from support or fail
on subsequent pullbacks, keeping in mind the increased probability of failure as
any pullbacks increase in number. Keeping in mind the daily trend remains down
should encourage longs to book profits as they become available, while carefully
trailing with stops.
ES (S&P)Â Â Â Â Â
Thursday February 27, 2003 12:30 PM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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