Market Analysis for Feb 28th, 2005

After hitting a micro peak this AM at 1214.75, the E-mini March S&P has been stair-stepping to the downside as it corrects last week's upmove in general, and Fri.'s surge from 1200 to 1213.25 in particular. The overall pattern off of Wed.'s low at 1183.50 remains intact and bullish. Now the only question is where this pullback will press the index ahead of renewed buying interest that thrusts the index to new highs? Right now, the optimal micro pullback zone is 1209-1206 prior to my expectations of a pivot upside reversal. At this juncture, a rally that hurdles and sustains above 1211 will confirm that the intraday corrective sequence is over. MJP 02/28/05 11:45 AM ET (1209.00)

Sponsor's Message
SMT's Pivot Point trading system has gained 165% since August 12, 2004. To learn more about this unique system, click here.

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!