Market Analysis for Mar 10th, 2005
Here is the look of the hourly chart of the E-mini June S&P after 3 hours of trading,
which indicates to me that the decline from 1234.25 to 1205.50
is complete- and already is engaged in a rest-digestion period.
My work also argues that the downleg exhibits bearish form,
which warns me to expect another potent decline once the
current rest period runs its course. The tricky part for us is to
anticipate (or react quickly) to signs that the rest period is over...
Hey, no problem, right? We will do our best to be there. The
only alternative is to get short, and to risk 15 or 20 S&P points
to avoid having to time the next rollover.-- and right now, that
is not the preferred methodology.
MJP 03/10/05 12:25 PM ET (1209.00)
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.