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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: Ramus who wrote (3728)	6/27/2002 12:09:30 PM
From: the-phoenix	Read Replies (1) \| Respond to of 11288

Walt - ES hit the 988-990 resistance in pre-market after the 8:30 econ reports, and has pulled back from there since. I expected some resistance at the 200sma5, but since ES gapped over it, it really became a non-factor as resistance early on. Since the NQ gapped up into the 20ema120 resistance (where it failed on Monday and Tuesday), that capped off the upside for that index and I suspect the NQs then led the ES to correct with it from the morning highs. The 200sma5 is basically the same as the 20 period moving average in the hourly chart. That correspondence tends to make it a reliable pivot point for price in the 5 minute timeframe. Phoenix