Market Analysis for Feb 8th, 2005
Like I said in an earlier update, as long as support at 1200-1199.50 in the E-mini March S&P
contains any forthcoming weakness, then the potential remains for
yet another rally that tests 1206.25, and possibly thrusts to my optimal
target zone of 1208 to 1211. However, the technical condition underlying
the current upmove have deteriorated. So while we might still need
PRICE confirmation that this AM's high at 1206.50 represented THE
peak of the current upmove, the pattern and my underlying oscillators
hint to us that we should be out of the long side at this point.
Let's wait and watch the action during the 2-3 PM hour for
signs that the e-SPH is rolling over.
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