Market Analysis for Aug 30th, 2004

For today's Mid-Day Minute, Mike writes: Here is a picture of the E-mini Sept S&P after nearly 4 hours of trading. What we see is a listless index in the midst of a micro downmove that my work argues is incomplete as it heads for 1100-1098.50 micro support area. At this juncture, only a rally that pops above and sustains 1107 will argue that a complex, toppy near-term pattern is developing after the Aug. 13th-Aug 29th rally (1060-1109.75). However, as of this moment, all roads continue to point lower -- to 1100-1098.50 next.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. 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!