Inside day for ES and NQ. NQ held on to 50 dma, which is somewhat bullish, but the bounce was not very convincing. ES stuck in a rut between 1321.50 and 1292.50 with an absolute must hold at 1304.75, 50 dma. Positive close above 23.6% retrace 2006 and 10 day ema at 1310. We bounced today off the 20 dma at 1308, but it was dicey for a minute. Bears are trying hard to press on but cannot seem to push bulls over the edge of the cliff quite yet. When it happens, it will be brutal, but for now I am tentatively siding with the bulls and favor buying pullbacks at support. Use Bollinger Bands with NQ 30 mn chart, they have been very effective (blue chart).
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on Wednesday, April 26, 2006 at 5:11 PM.
