Market Analysis for Jun 9th, 2005
With 2 hours remaining in today's session, the Q's are poised
to hurdle key resistance at 38.00, which will mean that the
former "neckline" of the recent Head & Shoulders pattern
will have been hurdled- a signal that the toppy pattern no
longer is valid. Furthermore, such upside action in the Q's
comes AFTER the bears tried but FAILED to press the
stock beneath the April 29th trendline in the 37.58 area.
This AM's low at 37.49 definitely pierced below the trend-
line, but the bears showed no ability to follow-through on
the downside. Since then, the bulls have re-taken
control of micro direction. Further strength that
hurdles the intraday high at 38.06 should trigger
upside acceleration to 38.50- the area of the
former "Right Shoulder." At this juncture, only a
decline that breaks this AM's low at 37.49 will
reinstate the bearish scenario for a run at
37.20, and then 36.60.
MJP 06/09/05 1:55 PM ET....37.85
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