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After identifying the constructive profile exhibited by the Q's each time
it probed its lower channel zone since 6/27, the powerful vertical
upmove since yest. AM now compels us to examine the behavior
of the Q's each time it has approached its upper channel zone since
6/17-- which shows that the resistance area has put a lid on prices
in each instance. The Q's have pushed to an intraday high at 37.65,
which is just 5 ticks or so from the top of its upper channel resistance
zone. Right now, my intraday work argues only for a pause, rather than
a reversal from the 37.70 area. Instead, I work not be surprised to see
the Q's hurdle 37.70 on the way to my next, and more important target of
37.95-38.05. MJP 07/08/05 2:30 PM ET 37.66
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