Market Analysis for Sep 29th, 2005

The bears had their chance to accelerate the index to the downside earlier today below 1217, but failed to follow-through. Since then, the price structure has rocketed across the 5 day range to an apparent upside breakout high at 1229.75, but so far has not accelerated to the upside. If the index cannot follow- through to the upside ahead of the final hour of trading, then the bulls will need to be careful that they too are not subject to a trap at the top of the week-long range. MJP 09/29/05 1:45 PM ET 1227.75

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!