This Retracement May Prove Worthwhile
The major markets have bounced
nicely off their 60-minute trend supports, with textbook 13-minute post-cross
pullbacks leading the way to low-risk entries this morning.Â
For those in the industry who continue to discount
technical analysis (are you listening CSFB?), the 13-minute pullback to support
coincided precisely with emotional trader reaction to perceived “disappointing”
UN events, leaving emotional/news/fundamental ES traders flat — or worse, short
— around 830 just before the supports provided leverage for the spring to 859.
Heading into the afternoon, keeping an eye out for any retracement toward
13-minute support may prove worthwhile, while considering the approach to the
daily 50MA in your risk/reward calculations.
ES (S&P)Â Â Â Â Â
Monday March 17, 2003 12:15 PM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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