Here we are, entering the final hour of trading, with the Qs knocking on the key resistance between 38 and 38.15, which if hurdled should trigger upside acceleration to the 38.50 area. Conversely, failure of the Qs to make headway above current levels should confirm the end of the recovery bounce off 37.33 and the resumption of the dominant downtrend off of the Oct 4th high at 39.88.

MJP 10/14/05

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.