Market Analysis for Jul 13th, 2005
FREE Daily Stock Picks for Active Traders
SuperbTrade.COM Specializes in Educating Day-Traders,
Swing Traders and Long Term Investors. Subscribe to our
FREE Daily Stock Picks, FREE Lessons and Chart of the Week
and start your trading education today.
www.superbtrade.com
-------------------------------------------------
MID-DAY MINUTE BY MIKE PAULENOFF
Although the Q's did break below 37.24 earlier this morning, the downside follow-through only amounted to a few cents prior to a pivot to the upside and a run to 38.40. Thus far, the pattern carved out of yesterday's high at 38.46 to this am's low of 38.17 appears to be a minor pullback within a still viable upleg off of last Thursday's low at 36.29. At this juncture, we need to see a break of 38.17 to press the Q's to test more critical support between 38.01 and 37.91 -- to trigger some meaningful technical damage to the near-vertical upmove.
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.