What To Do Until The Merry-Go-Round Stops…
Both major markets continue to
hold recent uptrends with the techs — to
use a 1999 term just for the moment — “on fire” as the
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
is up 4.0% as we head to press. Given the strength angles on all of our key
timeframes, trend continuation triggers as discussed in the
video and course
remain the low-risk, high-probability play as the game of “one-minute
continuing 13, which continues 60, which continues daily,” continues.
Strength price/momentum divergences on the lesser timeframe charts have only
served to strengthen such triggers.
Having said that, our trend game may be quickly evolving into one of looking
like heck for weakening momentum as the air gets thinner and as ES approaches
the 965-975 zone which the whole world is watching for a mammoth bearish monthly
head-and-shoulders neckline test. Sort of like, “Yea, the Sox are in
first place (pun intended), but it is just May 29 and the Yankees are still
there.”
In the meantime, and until the merry-go-round likely stops once all of the
retail longs are on board — as they say here in BeanTown before school gets
out, “enjoy the ride” while it lasts.
ES (S&P) Thursday
May 29, 2003 11:30 AM ET
NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Good Trading!