Market Analysis for Apr 13th, 2005
Well, if someone had told me late yesterday that after
4 hours of trading today, the e-SPM would be 15 opoints
under Tuesday's high, I would have said, "not likely!" But
here we are are at 1179. On the enclosed hourly chart, notice
that ALL of the action since mid-March amounts to multiple
traverses of the range between 1194 and 1173 (roughly).
Along the lower support line, we have a series of critical
rising lows, which if breached, will argue that the counter-
trend rally phase (that I thought required one more upleg
to 1204-1212 to complete) is over, and a new very vicious
new downleg already is in progress-- on the way to 1140 next.
Until such a break of yesterday's low at 1173.00 occurs, my main
scenario remains constructive- for another loop to the upside that
hurdles 1195.75 into the 1204+ target zone prior to the reassertion
of the dominant downtrend. MJP 04/13/05 2:05 PM ET (1179.50)
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