1315 ET - The ES market lately has had some decent sized moves following the close of the European markets at 1130 ET. Lunchtime sometimes is not as quiet as it used to be. Momentum started changing back to the upside at 1252 ET. Little leary of that indication suspecting a false indication, since the market is at the top of its range for the day. However, it jumped to the upside by 4 points. I'm always a little hesitant to trade this time of day. But, the fast moving average on the $TICK 30 minute chart has been green since 1600 ET on 08/19/08, the fast moving average on the 5 minute chart turned green at 1300 ET, and the 1 minute chart turned green at 1252 ET. When all three time frames turn green, the indication should not be ignored. The market then jumped at 1302 ET.
1515 ET - Well, the short-term up cycle won over the bad news bears, at least for today.
Charles
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