Market Analysis for Jan 10th, 2005

The E-mini March S&P appears to be consolidating at the high side of its intraday range, which also happens to coincide with the top of the three-session sideways congestion area (1183-1194). My intraday work argues that this AM's rally from 1185.25 to 1195 is not yet complete, and that the E-SPH should pop to the upside again into the 1196.50-1198 next target zone which could suffice as the peak of the entire countertrend upmove off of Wed.'s low at 1182.75. Only a decline that breaks and sustains below 1192 will weaken the intraday pattern, while a break below 1189.75 will reverse the pattern altogether.

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!