I like to buy NQ (or sell)weekly pivots on an early test in the week and we could get that today as it coincides with daily s1 at 1711.25. It would also give us a test of 50 dma, now around 1710.75. The possibility of that pullback would be negated today if 20 dma at 1719 holds.
Oil (QM June contract) looks headed for 68.125. I would wait for that test to try a long there. With the drop in energy, an ES short between 1330 and 1334 can be considered. 1335 is a brick wall for today, but I would try entering earlier incrementally. Just be aware that the drop in oil is more bullish in the end for stocks, regardless of energy components.
Oil (QM June contract) looks headed for 68.125. I would wait for that test to try a long there. With the drop in energy, an ES short between 1330 and 1334 can be considered. 1335 is a brick wall for today, but I would try entering earlier incrementally. Just be aware that the drop in oil is more bullish in the end for stocks, regardless of energy components.
This entry was posted
on Monday, May 08, 2006 at 6:17 AM.
