This Proves The Market Can Play Santa
Both major markets are following
through on 13-minute bear cups as we approach midday,
keeping in mind the daily chart is still uptrending
and the move reflects yet another pullback toward daily support. The noon
release of weaker-than-expected Philadelphia Fed data coincided nicely with a
textbook pullback on a steeply angled 13-minute 15MA downtrend support, proving
that the market can indeed play Santa from time to time.
Heading into the afternoon, traders should respect the current 13/60 vs. Daily
trend conflicts, which may provide decent scalp premises until the conflict
resolves itself.
ES (S&P)Â Â Â
   Â
Thursday June 19, 2003 12:15 PM ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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