So much for the Rita rally, eh? The Q's have reversed from 39.03 to 38.60 as the energy complex has climbed sharply. All intraday roads appear to point to 38.50 to test the support line off of last Thursday's low (38.24), which if broken, should trigger a full-fledged retest of 38.24. A break of the 38.24/20 area will trigger downside acceleration to 37.40/20.

MJP 9/26/05

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.