What’s Needed To Extend Climbs
Both major markets are hovering
around even on the day and are retaining Monday’s hourly uptrends as we head to
press, albeit after some serious pop and
drop activity after the Consumer Confidence data was released. Bear cups were
rampant on the post-news breaks, with ES trading all the way to its strong
hourly support. We’re teasing slightly north of key 13 minute trendlines as we
approach midday, and a sustained hold of both 13 and 60 will be necessary
if the markets are to further extend their daily climbs.
Today’s trade provides an excellent example of why it’s mandatory to select your
timeframe, whether they be the earlier prime three minute shorts or the hourly
longs. Note that we’re also continuing our theme of using line charts this week,
which shows a very interesting hourly chart showing the LACK of an ES close
above 920 even though the market climbed to 923.75. Are we missing important
data or does it provide an interesting clue in and of itself? You be the
judge. As always, there’s no right or wrong answer.
ES (S&P)
Tuesday April
29, 2003 12:00 PM ET NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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