Market Analysis for Nov 15th, 2005

After climbing to marginal new highs at 1241, the e-SPZ pivoted to the downside and has plunged to 1231.50 (so far), in what has morphed into a micro Broadening Top formation, which is a negative signal that a corrective period likely has started. The initial test of support is approaching along the trendline at 1229.50/00, which if violated, should trigger additional weakness into the 1225-1223 area. So far today, the AM mini Head & Shoulders formation failed to break down, which triggered a run to marginal new highs, which trapped the bulls inside of a 3-day Broadening Top formation. For the time being, as long as 1229.50/00 remains intact as the Oct.-Nov. support line, the bulls remain in control- but just barely. 11/15/05 2:20 PM ET 1233

For more of Mike Paulenoff, sign up for a FREE 15-Day Trial to his E-Mini/Index Futures diary. Or try his QQQ Trading Diary, or his Macro Trading Charts.

  • 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!