Daily Minute with Mike Paulenoff for February 6
http://www.tigersharktrading.com/articles/2643/1/Daily-Minute-with-Mike-Paulenoff-for-February-6/Page1.html
By Mike Paulenoff
Published on 02/6/2006
Mike Paulenoff writes that his hourly work argues for additional weakness in the S&P e-mini.
Daily Minute with Mike Paulenoff for February 6
The E-mini S&P 500 failed to sustain its earlier rally effort to 1270.50, and since has pivoted to the downside for a plunge and test of Friday's lows at 1263.50. Thus far, the intraday low is 1264, but my hourly work argues for additional weakness that breaks Friday's low and the January 25 low at 1262.25, on the way to a test of much more important support at 1251.25/50. At this juncture, only a rally that hurdles 1270.50 will neutralize my still negative near-term outlook.
MJP 02/06/06
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.
MJP 02/06/06
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.