Market Analysis for Sep 13th, 2005

With about 2 hours remaining in today's session, the Q's have managed to pivot off of a pullback low at 39.54, which is just above Aug.-Sept. trendline support located at 39.50. My near term work argues that the pivot off of 39.54 and the rally to 39.72 exhibits bullish form, which is telling me preliminarily that a 24 hours minor pullback has ended, and that the dominant near term uptrend has reasserted itself-- on the way to a retest of the Aug. high at 40.14. Only a sudden decline that plunges below 39.50 will weaken, but not destroy the strengthening bullish pattern from 8/2. MJP 9/13/05 1:50 PM ET 39.70

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary. 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!