Market Analysis for Mar 24th, 2005
Now the the E-mini June S&P has clawed its way back to the
proximity of the resistance line off of the March 15th
rally peak (which cuts across the price axis this PM
at 1185.50), I am starting to get preliminary signals
that the upmove from 1168.75 to 1184.25 is at or is
nearing completion. A sustained decline below 1181
(now at 1182) will provide additional evidence that
"something ended up there at 1184.25," and that the
index is on its way to test more critical micro support
at 1177.50. At this juncture, only another pop above
1185.50 will argue that the index likely is heading for
its maximum recovery potential- in the 1190 to 1193
target zone. For now, we will remain short. MJP
03/24/05 1:15 PM ET (1181.50)
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