Market Analysis for Aug 17th, 2004

This is the last Mid-Day Minute for this week as Mike is on holiday. For today's Mid-Day Minute, Mike writes: The pattern off this morning's high in the QQQs at 33.44 argues strongly that they ended the upleg from 32.35 and since have been in a pullback-corrective sequence that should retest and break key micro support at 33.10 on the way to more important support at 32.80/.75. Only a sustained break below 32.75 will point the Qs lower -- to 32.50 minimum and possibly a retest of last Friday's low at 32.35. Only a pivot upside reversal off of 33.10 that hurdles 33.44 will rekindle the Fri-Tues rally and point the Qs towards a test of critical resistance along the July-Aug trendline, currently at 33.60/65.

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