Market Analysis for Nov 4th, 2005

So far, the pullback from yest.'s high at 1227.75 has held week-long trendline support at 1216.50, which has turned the e-SPZ to the upside for a return towards unchanged. HOWEVER, my suspicion is that even if the index races up to the 1225/27 area, the strength will NOT be sustainable prior to another loop to retest the 1216 area-- to complete a complex, multi-day process ahead of the next upleg. For this reason, we should remain spectators for a while longer (over the weekend). MJP 11/04/05 12:30 PM ET 1220.25/50

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!