Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Unfinished Business on the Downside


Unfinished Business on the Downside
By Mike Paulenoff, www.MPTrader.com

While the cash SPX violated its 62% support level of the 2002-2007 bull phase, the Q's (NASDAQ: QQQQ) have just tested the similar level at 33.33, which thus far has held the selling onslaught. In that my weekly RSI momentum gauge is making new lows, coupled with breakdown of the SPX, suggests strongly that the Q's still have some unfinished biz on the downside. My next near-term optimal targets are 31.70/50 and then 30.00-28.90.

  • 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!