Multiple Intraday Opportunities
Both the S&P and
Nasdaq markets continue to trade within recent ranges,
with daily uptrend support to the south and recent 900 (ES) 1000 (NQ) resistance
to the north. And at the risk of sounding like a broken record, such a
rangebound environment — while perhaps frustrating for interday swing
traders — continues to allow for multiple intraday three-minute trade
opportunities. The stronger Nasdaq market has actually probed 1000 as we
approach midday, testing yesterday’s high, and has helped to boost the broader
market.
As both markets are attempting to form bullish 13-minute cups heading into the
afternoon, patterns which are typically critical to challenge long-standing
lids, whether or not each market can maintain its respective double 13 & 60
minute 15MA trend support and handle base may provide clues as to whether a
further daily extension is likely.
ES (S&P)Â Â Â Â Â
Friday, November 1, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Good Trading and Have A Great
Weekend!
Â