Market Analysis for Feb 7th, 2005

The inverse relationship between oil and the E-mini March S&P continues . . . since the late-January pivot reversals evident in BOTH markets. Notice that the crude oil pullback from 49.75 is approaching important support at 45, which if breached should trigger additional weakness into the 42.50 area. Such a decline also should have positive implications for the E-mini March S&P, which could head towards a retest of its January highs at 1221.25.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!