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With about 2 hours remaining in today's session, the
Q's have managed to pivot off of a pullback low at
39.54, which is just above Aug.-Sept. trendline support
located at 39.50. My near term work argues that the
pivot off of 39.54 and the rally to 39.72 exhibits bullish
form, which is telling me preliminarily that a 24 hours
minor pullback has ended, and that the dominant near
term uptrend has reasserted itself-- on the way to a
retest of the Aug. high at 40.14. Only a sudden decline
that plunges below 39.50 will weaken, but not destroy
the strengthening bullish pattern from 8/2.
MJP 9/13/05 1:50 PM ET 39.70
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