Watch For Conflict Resolution
The Qs are trading down this
morning due largely to trader reaction to continued Consumer “unconfidence,”
yet are holding the key hourly uptrend as we approach midday. Volatility has
improved over yesterday which was highly evident in the knee-jerk morning
response to the consumer data.Â
As we head into the afternoon, I’ll be watching
for any resolution of the current 13-minute and hourly conflicts, keeping in
mind the hourly is testing a potential handle base, as well as keeping my eye on
the SOX as it tests similar support in its own right and how it responds to any
approach of 500.
26, 2002Â 12:00 PM EDT
Congratulations to those exiting
or paring out longer-term positions from Friday’s entry! The 13-minute
support held all day on Monday and served as an outstanding trailing stop this
morning to maximize profits.
Good Trading.
Don Miller