Market Analysis for Jun 1st, 2005

With about two hours remaining in today's session, the E-mini June S&P has preserved the vast majority of its intraday move from 1192 to 1207 -- and appears to be poised for another pop to higher highs into the 1208-10 next micro target zone. At this juncture, only a decline that breaks and sustains below 1202 will trigger preliminary signals that the current upleg off of yesterday's low at 1191.50 is over, and that a corrective period has started. A break below 1191.50 is needed to trigger much more significant sell signals that will indicate that an intermediate-term peak has been established.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary. 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!