Why Expanding Your Perspective Today Is A Smart Thing To Do
Slow goes it this morning as both
major markets have rebounded off early lows,
yet have only provided trading opportunities with about as much probability as
an Antoine Walker 3-point shot (Bill Pidto, are you listening?). Both markets
are trading amidst serious timing conflicts, with daily and three-minute up, and
hourly down, and 13-minute on the fence. Translation? Gardening comes to mind if
it weren’t for the constant rain here in the Northeast coast.
Seriously, there’s a time to trade and a time to play in the mud as we’ll be
discussing ad infinitum in the upcoming “Virtual
Pit” seminar. As we head into the afternoon, look for any
sustained breaks of the current 924-928 ES range, a downside break of which
would be aligned with the hourly.
In the bigger picture, and traders should indeed expand their perspective given
the current intraday chop, respecting the daily remains the best probability
play, using lesser timeframe turns as triggers after price/momentum divergences
to the high side have worked themselves off. Ideally, a move back toward
the ES daily 15, 50, & 200 MA intersection, currently in the 900-910 range,
would set up the next possible leg up.
ES (S&P)
Thursday
May 8, 2003 12:00 PM ET
NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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2002 Quote LLC
Good Trading!
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