Equity prices are hanging in there, consolidating at high levels, perhaps deriving some staying power from the decline in crude oil prices, which have made new reaction lows today at $58.60.  This happens to be below the 200-day moving average ($58.94).  If crude prices sustain, then we should expect additional pressure into the $56 support area next.

MJP 11/07/05

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.