The bears had their chance to accelerate the index to the downside earlier today below 1217, but failed to follow through. Since then, the price structure has rocketed across the 5-day range to an apparent upside breakout high at 1229.75, but so far has not accelerated to the upside. If the index cannot follow through to the upside ahead of the final hour of trading, then the bulls will need to be careful that they too are not subject to a trap at the top of the week-long range.

MJP 09/29/05

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.