Market Analysis for Mar 3rd, 2005

So far today, the E-mini March S&P has rallied to retest yest.'s high at 1217.00, which failed at 1216.75, and then plunged to 1209.50-- which so far has preserved the support line off of last Wed.'s low (1208.25). At this point, only further weakness that breaks below 1208.25 or a rally that hurdles 1217 will trigger significant follow-through action in the direction of the breakout. Meanwhile, OIL PRICES have exceeded my next target of $53.50, which points the oil price structure to $55-$56/bbl. Should oil prices accelerate later today, we have to expect the e-SPH to attempt to press below 1208.25.

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!