Noon update:
NQ is holding up, in fact the March lows was at the 50 month MA, right now at 1732, but it seems to be front-run. Bonds are turning red. This is the best noon opening bulls have had in three days. Next resistance is NQ 1765.25, July lows. Support will be 1757.75 and 1760.25.
Please note that when I use longer term moving averages with futures, I look at the continuous contract in order to get an accurate representation. The reason I prefer analyzing futures is because they lead the market, as one can often see when using pivots. It's the all hours number that counts, not the cash. Folks who trade futures full time are very aware of this and this is what sets our site apart from most others.
Remember that bottoms, even intermediate ones, are formed when bad news is finally bought.
NQ is holding up, in fact the March lows was at the 50 month MA, right now at 1732, but it seems to be front-run. Bonds are turning red. This is the best noon opening bulls have had in three days. Next resistance is NQ 1765.25, July lows. Support will be 1757.75 and 1760.25.
Please note that when I use longer term moving averages with futures, I look at the continuous contract in order to get an accurate representation. The reason I prefer analyzing futures is because they lead the market, as one can often see when using pivots. It's the all hours number that counts, not the cash. Folks who trade futures full time are very aware of this and this is what sets our site apart from most others.
Remember that bottoms, even intermediate ones, are formed when bad news is finally bought.
This entry was posted
on Friday, September 05, 2008 at 9/05/2008 11:50:00 AM.
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