Market Analysis for Nov 20th, 2003

Pullback Off Earlier Peak
By Mike Paulenoff,

As we speak the E-Mini S&P has come off of its earlier peak and has pulled back beneath prior resistance at 1044. The inability of the index to sustain above 1044 followed by a break below 1040.75 will weaken the current up-leg and argue that a meaningful decline is in progress that should test the 1035-1033 support area thereafter.

Otherwise, barring a break below 1040.75, the bulls will still control intraday, micro trend direction.

From a micro technical perspective, the key support in the QQQ's rests at 34.45, which, if broken and sustained, will trigger preliminary signals that today's upmove is complete ahead of a decline to probe the 34.00 area again.

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