Where I See Textbook Trading Today

  • May 30, 2003
  • Don Miller

Both major markets are back in
the uptrend mode as we approach midday, despite
yesterday’s afternoon profit-taking session that, once we lost key 13-minute
support, resulted in an instant gear change from “buy the long
pullbacks” to “short the downtrend pullbacks.”  Yet today,
both markets are back trading in textbook bull-cup fashion with our course
favorite 15MA handle bases in play on the hourly which comes in at about 956
on ES. As such, long trades on approaches can be considered for possible future
extensions with stops to the south.

Having said that, today being the last day of the month, a Friday, AND the first
day the Cape has seen the sun in about two weeks, I’ll be heading for my
daughter’s travel soccer game shortly after this goes to press. The mid-morning
pullback trade off the 13 minute 15MA approach was a tidy way to end the week,
and we’ll start fresh on Monday.

ES (S&P)        
Friday
May 30, 2003 11:30 AM ET          NQ
(Nasdaq)


Moving Avg Legend:

15MA 60-Min 15MA

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Good Trading And Have A Great
Weekend!


Don Miller