The Qs continue to grind higher off their earlier intraday low at 38.98, to 39.20 so far.  However, from my technical perspective, only a rally that hurdles 39.34 will trigger signals that indicate the establishment of a significant low at 38.98.  Furthermore, the fact that the Qs have been rallying during the mid-portion of the trading session after experiencing a weak morning could be a set-up for a last hour pivot to the downside to continue the dominant downmove off of yesterday's high at 39.88.

MJP 10/05/05

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.