Just Like Summer
There may be snow and ice on the
ground in the Northeast, but the early trading pace will remind most of this
past 2002 summer, when morning
oscillations provided good two-sided trade opportunities. Specifically, all of
our key timeframes from one- through 60-minute have continued to provide strong
guidance with particular kudos to the combination of 13-minute downtrend support
and lower hourly Bollinger Band (love that wide standard deviation; add another
circle to yesterday’s chart) containing the morning extremes, and one- and/or
three-minute charts playing the role of effective triggers.
Prices on both the S&P and Nasdaq markets have probed daily support as we head
into the afternoon, with the 5MA in watch mode for those desiring additional
confirmation. In either case, the daily price probe simply magnifies the
importance of a turn in the current 13-minute barge if the daily is to reverse.
ES (S&P)Â Â Â Â Â
Wednesday December 4, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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2002 Quote LLC
Good Trading!
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