This Is Why Trendlines Are Key
Both major markets remain in
hourly uptrends as we head toward midday,
with the hourly providing a late-morning tailwind on pullback long entries thus
far. Call it consolidation for the moment as the markets trade approximately
midday between their euphoric overnight Globex highs and hourly supports.
An afternoon turn to the north in the 13-minute, should it evolve, may serve to
provide additional support for an extension off the hourly, as would an intraday
downturn in the 13-minute VIX. Nevertheless, remaining in our TUB* mode on our
key trendlines should continue to prove worthwhile.
* Trust Until Broken
ES (S&P)Â Â Â Â Â
Thursday April 3, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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