Where To Look For Sound, Unbiased Guidance

• June 12, 2003
• Don Miller

Hourly uptrends continue to hold
on the major markets, despite the morning retail fleecing which was exacerbated
by a somewhat dated and strange missing-aircraft rumor. Yet
our chart technicals continue to provide sound and unbiased guidance — rumor
or no rumor — with early downtrend from the open helping to guide the bungee
cord retracement, followed by positive divergences and one- and three-minute
turns appearing on the approach to hourly support.

As discussed in the

video and
course
material, such combination on the hourly bounce is the equivalent of a
“batter-up” alert (divergence), with the choice of specific pitch to hit
(divergence on lesser period with support of larger period, one- or three-minute
cross, or post-cross pullback) up to the trader’s preference and personal style.

Lastly, with the shift in volume to the September contract, futures traders will
want to adjust their charts accordingly, which I’ve done below on the 13-minute,
using the cash indices for the longer timeframes for now.

 

ES (S&P)   

    
Thursday June 12, 2003 11:45 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!

Don Miller