Market Analysis for Sep 24th, 2004
For today's Mid-Day Minute, Mike writes: Could it be, that the QQQ's failed AGAIN to hurdle key resistance at 35.10/20? It certainly appears to be the case- although we want to give them the benefit of the doubt for another 30-60 minutes of trading...to see if they loop up one more time for a marginal upside breakout into the 35.30/35 area, where my work argues the Qs should end the minor relief rally, and pivot to the downside with power. In any case, within the next hour or so, the Qs should "wink" at us, and alert us that the dominant micro downtrend from Tues. high at 35.85 has resumed. Our next downside target is 34.20.
For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.