This Is Where I See Plenty Of Trade Potential
Both major markets are in strong
uptrends on all key intraday timeframes as we go to press,
with volatility dropping like a rock and Tuesday afternoon’s turn in the hourly
providing sufficient coil support for the overnight gap. Trade liquidity and
pace have both been substantial for the first time in days, which has resulted
in a nice intraday environment where one doesn’t have to constantly focus on
“keeping it light” (see yesterday’s column).
As we head into the afternoon, pullback longs if triggered are an option should
we pull back toward 13-minute support, and such traders will want to keep their
eye on the evolving upper Bollinger Bands to gauge profit potential and guide
exits on any bounce. On a larger timeframe, both markets continue to play
ping-pong between daily and weekly trend supports, which should provide plenty
of trade potential as the market continues to oscillate.
ES (S&P)Â Â Â Â Â
Wednesday April 3, 2003 12:00 PM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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