Looking For Intraday Reversals

  • July 31, 2002
  • Don Miller

For the first time in a while,
my intraday interest has been a bit more reversal-biased,
given the downtrend pullback on the weekly and daily
along with a hold thus far of yesterday’s highs. The charts have cooperated
nicely by providing a few nice early morning shorts off the 13-minute
downtrend. 

Weaker-than-expected GDP and PMI data provided a bit of a spark to fuel the
modest retracement, with
(
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PowerRating)‘s disappointing earnings last night adding
weight around the Q neck. Pace and volatility remains atrocious for intraday
traders who grew accustomed to last week’s volatility. Again, I’ll remind you
not to expect the bonanza of intraday oscillations we were handed on a platter
last week and modify your trading accordingly.

The hourly uptrend continues to be tested on the SPYs, creating a possible
oversold-on-support setup heading into the afternoon, while the Qs are currently
under water. Given the pace of the market, I’d continue to keep the summer trade
on the light side and wait for your best setups.

QQQ
     
Wednesday July 31,
2002 12:00 PM
    SPY

Good Trading!

Don Miller