You Be The Judge
Call this
morning’s open a Bill Murrayesque GroundHog Day (love that movie),
as the action on both the S&P and Nasdaq futures has
been a carbon copy of Friday’s open, with the opening 3- and 13-minute trends
double-teaming to provide the early short-term trade guidance. Despite the early
drop, both markets continue to remain somewhat rangebound, with the daily
uptrend continuing to provide a tailwind on longs, the weekly providing a
tailwind on shorts, and the critical hourly officially on the fence as we open
the week.
As we look to the rest of the day and week, futures traders and school students
may want to keep their eyes on any retracements to daily support (836 on ES &
880 on NQ) coupled with any reversals back to the north on the 13 or 60, or
alternatively a potential “oversold on support” on the currently hourly chart,
should we not pull back further and our hourly momentum become oversold, in
which case another leg up would be possible.
ES (S&P)
Monday October 21, 2002 11:30 A.M. ET NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Is it Live or Memorex?
Comparing Friday’s open (which we charted
in
Friday’s column) with today’s, again shows the power of an early combined 3
& 13 minute setup, even amidst a daily uptrend and what has been a good deal of
intraday chop during this earnings season. And continuing last
Wednesday’s theme (the mail has ebbed a bit, yet readers continue to share
their strong views) and
Larry Connors’ great weekend piece: Will it work every time, or is it the
result of any great guru foresight? Heck no. Yet will it skew probability
enough times to be able to take advantage of it? You be the judge.
Friday’s Opening ES
Today’s
Opening ES
3-Minute Sequence
3-Minute Sequence
Good Trading!