Market Analysis for Apr 25th, 2005
For today's Mid-Day Minute, Mike writes: For the past 3 hours, the e-SPM has been consolidating
between 1166 and 1161, in what resembles a bull flag
pattern atop the upmove off of Fri.'s pivot low at 1143.75.
Based on the bull flag analysis, the e-SPM should thrust
to the upside into new high ground in the vicinity of
1168-1171 to complete the current upleg- and also
complete the enter counter-trend rally phase off of
the 1135.75 low from one week ago. At this juncture,
only a break below 1160 will compromise the still
constructive near term chart pattern.
MJP 04/25/05 2:15 PM ET (1163.25)
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.