Market Analysis for Oct 8th, 2004

The QQQs have plunged to new pullback lows this AM at 35.86, and as you can see from the juxtaposition of my hourly RSI momentum gauge, they may have a bit more selling pressure directly ahead prior to any meaningful bounce. My next immediate target zone is in the vicinity of 35.80/.75, and then 35.50/.30. At this juncture, only a rally that sustains above 36.15 will trigger very preliminary signals that the current downleg is complete. For the time being, however, the bears appear to be very much in directional control of the QQQs.

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!