Key Support Angles Are Strong
Both major markets continue to
hold hourly uptrends after a modest gap down that trapped a number of “the VIX
is too low” shorts on the opening weakness.Â
The 120 minute chart — which we’ve added to reflect the recent market pace as I
mentioned yesterday — has also worked well in terms of providing an early guide
and remains long as we head to press.
All key trend support angles are strong at midday which has us in our “TUB”
(Trust Until Broken) mode, especially given the final emergence of trend
after the recent tight consolidation. Doing so should keep one on the long side
of the intraday trade until supports break.
ES (S&P)
Tuesday April
22, 2003 12:00 PM ET NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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