Today is the 35th day since the October 13 low at 1171.75.  The powerful upturn in that aftermath of yesterday's plunge beneath the 9-day moving average and close on the low has to be considered evidence of the cycle low, and the start of a new 36-40 day cycle.  In addition, a close above the 9-day moving average (1260.60) after yesterday's close below the average also strongly suggests that both the correction from 1273, and the down portion of the cycle have ended.  Only a sudden plunge that breaks 1250 will wreck the constructive price and cycle analysis that projects the e-SPZ to new highs at 1277-1280 next.

MJP 12/01/05

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.