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Market quiets ahead of independence day...

5 min Emini Nasdaq 100

Daily Chart NQ

Daily Chart ES

Daily Chart Dow

Market is not really moving much... I am troubled by the health of the trend.. although Nasdaq futures broke new highs today, the dow and S&P did not follow ( Look at daily charts above)

I have highlighted a plausible trade on the NQ today... again.. I did not take this trade.. why? because although stochastics is moving up from oversold region Short-term MACD is too near the zero line...

Furthermore, the price action is clearly different from normal days, characterized by short ranging candlesticks.

Posted by Michael Taylor on July 3, 2007 5:48 PM |

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