Market Analysis for Oct 19th, 2004

The E-SPZ peaked this AM at 1118.50, just a bit shy of our preferred entry price (1119) into new short positions ... .Nonetheless, the index has pivoted to the downside and already has done some damage to the upmove from yesterday -- by slicing below micro support at 1115.50 and also below 1113.50....Downside continuation that violates 1110.25 will add further negativity to our work, and the overall pattern carved out from 1102 to 1118.50. However, the ability of the index to hold in and around 1110 will preserve a constructive overall near-term pattern, which we will have to react to accordingly. In the meantime, we are in a small short position, looking for a total retracement of the 1102-1118 upmove.

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!