Market Analysis for Apr 13th, 2004
Bears in Command of Micro Trend
By Mike Paulenoff, MPTrader.com
Since this morning's recovery high, the market's been straight down in the E-mini June S&P. From 1150 even we're now at 1130, so we've had a substantial 20-point turnaround. The magnitude of the drop is significant in and of itself, but the fact that we've broken below Thursday's pivot low at 1133 makes it even more significant. So the indices are definitely on the run to the downside, and my next downside target for the E-mini June S&P would be right around 1128.
As of this minute, it looks like we will go there. The low for the day is 1129.50. In order to get anything going on the upside, the first thing that has to happen is the index has to pivot back above 1133 and sustain up there and then to trigger a signal we need a rally above 1135