This Is The Preferred Trade For The Afternoon
Both major markets are down
strongly as we go to press, and are rapidly approaching interesting daily
supports in an accelerated fashion. War
continues to dominate the trading backdrop, which has resulted in the recent
highly accelerated pace to the markets. As a result, while the chart patterns
remain solid, execution is truly a “survival of the fittest.”
While some have mentioned this war market is
untradable, I would respectfully disagree as low-risk intraday premises and
triggers have indeed been prevalent, albeit amidst a pace that has required a
keen combination of focus and execution. Simply put, if you snooze, you lose,
and if your skills are not up to snuff, then stepping aside may indeed be the
right choice.
In terms of the afternoon trade, a three-minute turn may be worth considering
for a scalp, yet the preferred trade may very well be a retracement toward 13 &
60-minute downtrend supports with a short trigger should the market find any
legs at these levels.
ES (S&P)Â Â Â Â Â
Monday March 24, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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