Market Analysis for Sep 30th, 2004

For today's Mid-Day Minute, Mike writes: Well, the E-SPZ has declined into our preferred target area near 1109, but my work does not indicate that a corrective low has been established (yet). My work argues for one more loop down to make marginal new lows beneath 1109.50 prior to the establishment of a significant corrective low- ahead of a potent rally back to test 1117.00. So, I am in no hurry to get long right here. In addition, let's keep in mind that tonight is the first presidential debate, which could cause some "massaging" of positions into this evenings closing bell. Let's continue to watch from the sidelines for a while longer, and to await another loop into new intraday low territory.

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!