Market Analysis for Nov 4th, 2003

Today is one of those interesting potential turnaround Tuesdays. We know one thing -- it's transition Tuesday at the moment. The early first half-hour weakness in both indices took the E-Minis down to very important micro support levels, 1051 , or so on the S&P and 1430-32 in the E-Mini Nasdaq. But naturally those levels held and then the market came screaming back in the second hour of trading, leading everyone to wonder whether or not that was just another pullback followed by a pivot upside reversal that was going to rocket to new highs.

When you look at the micro pattern they were very sloppy in that recovery rally in the second hour of trading, and sure enough they rolled over into where are now just after the third hour of trading, back near the lows of the day. It seems that we're pressing against that 1051