What Lies Beneath
The S&P and
Nasdaq
E-Minis have both probed back below their respective hourly supports, along
with testing yesterday’s lows,
as we approach midday, and are also currently
moving, following through on inverse cups on the 13s. Early strong buying off
the lows was met with even stronger selling, with the financials in particular
being hammered due to this morning’s warning du jour, this time from the
Bank of New York.
With hourly support having been broken and the hourly vs. daily conflict we
spoke of yesterday being resolved momentarily in the direction of the daily,
trailing stops off Tuesday’s triggers should have protected any remaining
positions, while any new entries on the retracement to hourly support safely
back in cash as well. 13-Minute traders can leverage off the current short
supports until violated, and all traders should take note of the climbing
volatility indices which are, yet again, approaching recent highs heading into
the afternoon session.
ES (S&P)Â Â Â Â Â
Wednesday October 3, 2002Â 11:30 A.M. ETÂ Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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2002 Quote LLC
Good Trading.
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