So far, the recovery rally in the Qs has returned the stock to Friday's closing levels (38.50), but has not managed to propel it above critical micro resistance at 38.60/70.  Until the Qs hurdle and sustain above 38.70, the bears still remain in control of micro and near-term market direction.  For the time being, we will continue to watch from the sidelines.

MJP 08/29/05

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. 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.