Market Analysis for Oct 7th, 2004

Here is a look at the QQQs as we approach 2 pm EST...Two hours before the close, and ahead of tomorrow morning's Employment Report! The pattern carved-out from yesterday's high continues to unfold in bearish form, which warns us to expect more weakness ahead into the area of yesterday's pivot low at 36.11. A break of 36.11 should unleash downside acceleration towards our next target zone of 35.50/.30. Only a sudden sharp rally that hurdles 36.67 will invalidate our near-term "corrective" outlook.

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