Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.


OK ... Where to now? My work argues that the upmove from yest.'s low at 1230.75 to this AM's high at 1240.75 is the first upmove of a new upleg that will climb to test the recent high at 1251 on the way to test the 7/29 high at 1255.25. However, if the index fails on the next attempt to hurdle 1241-1242, and then pivots to the down- side, at that point I will begin to have my doubts about my current scenario. Purely from a technical perspective, only a break below 1230.75 (yest.'s low) will confirm that the bears are in control of near term market direction (and I will be pulling the rest of my hair out of my head by then). For now, we remain long. MJP 09/16/05 12:30 PM ET 1237.00

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

  • 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!