Market Analysis for Oct 25th, 2004

Here is a look at the QQQs at the closing bell. My work argues that all of today's action is part of an upside relief rally process off of today's low at 35.49. If my work proves accurate, then the Qs will grind their way to the 36-36.20 in the upcoming trading hours prior to once again pivoting to the downside. Only an inability to hurdle 35.80 followed by a decline below 35.50 will point the Qs to a full-fledged test of the October support line at 35.45/.40.

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