The Q's have managed to pivot off of a pullback low at 39.54, which is just above August-September trendline support located at 39.50. My near-term work argues that the pivot off of 39.54 and the rally to 39.72 exhibits bullish form, which is telling me preliminarily that a 24-hours minor pullback has ended, and that the dominant near-term uptrend has reasserted itself on the way to a retest of the August high at 40.14. Only a sudden decline that plunges below 39.50 will weaken, but not destroy the strengthening bullish pattern from August 2.

MJP 9/13/05

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