Market Analysis for Jan 11th, 2005

After failing to hurdle key micro resistance at 38.87 yesterday, the Qs plunged to a low of 38.31 (so far), which is just 10 cents above Friday's post-Employment low at 38.21. Judging from lack of ability of the bulls to get anything going on the upside during the last 3 hours, my work is setting up for another nosedive that fully tests 38.21... which if violated, should trigger downside acceleration immediately to the 38.00. My optimal next downside target zone is 38.00-37.80.

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!