Market Analysis for Jun 20th, 2005

Well, is THAT it? Is the pullback off of Friday's high (38.21) over? Possibly, but my work argues that only the initial downleg of the pullback is complete. After the current "intervening" rally runs its course, the Qs should loop around and decline below today's low of 37.58 to test more important support at 37.25. At this juncture, only a rally that hurdles and SUSTAINS above 38.21 will invalidate my micro outlook.

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!