Market Analysis for Feb 16th, 2005
ZZZZZZzzzzzzz... Come on Mr. Greenspan... say SOMETHING
that jogs the Qs out of their multi-hour sideways range
(preferably to the upside)! Then again, the fact that the indices
in general, and the Qs in particular, have NOT plunged in reaction
to anything Greenspan has said, should be viewed as a net positive.
In any case, the Qs remain coiled inside of their two-day "rest" period.
As long as 37.86-37.68 contains any forthcoming weakness, my work
argues that within a few hours, the Qs will have fully corrected the prior
advance, and ready for another loop to the upside. At this juncture, only
a climb that hurdles resistance at 38.16 will trigger upside acceleration
towards a test of 38.48.
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.