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The S&P and
Nasdaq markets have extended Monday’s closing 13 and 60 minute downtrends
and are testing daily support and hourly
extremes as we approach midday. Trading ranges have been on the narrow side thus
far this morning due largely to the timeframe conflicts, yet the 13-minute trend
remains a sound intraday trend and trail guide for those in short positions.
Longer term, the emerging angle of the emerging hourly 15MA may provide clues
into the potential for a further downside extension. As I’ve said before, Moving
Averages are admittedly a lagging indicator and are as exciting and old as
dirt. Yet to this day, I haven’t found a better trend guide and if a hammer
works, why look for an air compressor?
ES (S&P)Â Â Â Â Â
Tuesday November 19, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
A special note of thanks to the MIT
gang for their hospitality last night. We ran a bit long, yet I hope all found
the information helpful and worthwhile.
Good Trading!
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