Market Analysis for Dec 16th, 2004
In the aftermath of the post Philly-Fed thrust to new recovery
highs at 1210.75, the E-mini March S&P has reversed, and given up its
gains for the session--- BUT THE PRICE STRUCTURE STILL
HAS NOT BROKEN ANY SIGNIFICANT PRIOR SUPPORT POINT,
which would, or would have, damaged the one week uptrend.
At this juncture, to do any damage to the micro uptrend, the E-SPH
must break and sustain below 1203.75 (this AM's pivot low), and
then more importantly, break and sustain below yest.'s pivot low
at 1201.50. Only then will the still dominant uptrend suffer serious
damage- and in so doing, will trigger significant sell-signals in
my work. Until then, we should expect more of the same: lack of
downside follow-through on sell-offs, followed by quick bursts of
strength-- UNCONFIRMED STRENGTH, but strength nonetheless.
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