Market Analysis for Dec 2nd, 2004

The QQQQ has broken below key micro support at 40.15, and since has been consolidating below that level in what looks like a micro bear flag ahead of another decline into more important support around 40.00. Based on my intraday work, only a rally that sustains above 40.30 will invalidate the outlook for additional weakness that tests, and possibly breaks below, 40.00 on the way to 39.70.

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.


  Matched
x
  • 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!