Market Analysis for Dec 17th, 2004

In my prior chart update, my work indicated that as long as the E-SPH did not rally and sustain above 1203.50, then the bearish (coil?) pattern would remain intact-- and the price structure should loop to the downside for a retest of this AM's lows-- on the way to 1193-1191. Thus far, the intraday rally failed right at 1203.50, and just a few minutes ago, the index swooned to retest 1197, which thus far has contained the selling pressure. A break below 1197-1196.25 should trigger a sharp decline into the 1193-1191 next target zone. Only a rally above 1203.25 will compromise the micro technical outlook.

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!