Needless to say, the Q's finished a shallow pullback earlier today at 39.92, and then pivoted to the upside for a powerful thrust to new highs at 40.54, which my intermediate-term work indicates is the start of a new upleg that should hurdle the December 2004 high at 40.68 on the way to 42-42.50. Only a sudden downside pivot reversal that breaks this morning's low at 39.92 will wreck the current timing of the expected new upleg.

MJP 11/10/05

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.