Market Analysis for May 4th, 2005
For today's Mid-Day Minute, Mike writes:
Notice that the 4 day rally has
goosed the E-mini S&P above the March-May resistance line
at 1167, which has followed-through to test the lower edge
of heavy resistance starting at 1168 (to 1175). If the e-SPM
can claw its way above 1178/79 on a sustained basis, then
the bulls will be wrestling INTERMEDIATE TERM directional
control away from the bears- and the overall market condition
will be a heck of alot more bullish than it appears to me to be
right now. As of this moment, my work continues to argue
that ALL of the action off of the 4/18 low is a counter-trend
move ahead of the next downleg...
MJP 5/04/05 12:25 PM ET (1168.25)
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.