Market Analysis for Jan 26th, 2005

For today's Mid-Day Minute, Mike writes: After making yet another marginal new recovery high at 1176.50, the E-mini March S&P again has failed to sustain its gains, and again has reversed to the downside and pressed back into the 1173-1172 area. Although the upmove off of yesterday's low at 1164.25 did reach my initial target (1176.25 from yesterday's aborted long position), the upside pattern carved-out since Monday remains highly suspect-- and likely represents another minor relief rally prior to a plunge to retest and likely violate 1164.25-- on the way to 1160.

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!