Market Analysis for Apr 28th, 2005

For today's Mid-Day Minute, Mike writes: Today's early action in the E-mini S&P represented the second day that lousy economic data triggered a pre-opening sell-off-- to a higher-low-- followed by a potent rally. Right now, bad economic news is having little lasting impact, and actually is fostering contained weakness that potential buyers are using to establish (accumulate) long positions. Since the 4/18 low at 1135.75, every pullback has established a higher-low, with this AM's swoon to 1149 the most recent low-coordinate. Howewver, on the top side of the pattern, let's notice that since Monday's recovery high at 1166.25, ALL of the rally peaks have established LOWER-HIGHS, at 1166, 1161.50, and today's 1157.50. In other words, that since Monday morning, the developing pattern has weakened into a coil, from an uptrend. In order to trigger upside acceleration, the e-SPM must hurdle and sustain 1157.50. Otherwise, we should expect more coil action down to 1149 this afternoon. MJP 04/28/05 11:30 AM ET (1152.50)

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.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
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!