Daily Minute with Mike Paulenoff for March 10

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By Mike Paulenoff | Published 03/10/2006 | Stocks | Unrated

Daily Minute with Mike Paulenoff for March 10

Is it deja vu all over again? Today is reminiscent of Wedneday's upside reversal action, but let's notice that now the SPX is trading above its declining 9-day "trading MA" for the first time since last Friday's late-session sell-off. And, let's be aware of the very positive A/D line (at 1:30 PM ET) of 2315 UP vs. 920 (2.7:1), which is considerably more constructive than it was at 1:30 PM on Wednesday (1300 UP vs. 1900 DOWN). In addition, my intra-day pattern work argues that today's action so far exhibits a very bullish profile, which means that another intraday pop should be forthcoming that propels the SPX to 1286/87. Be that as it may, the bottom line is that as long as this morning's low at 1271.22 remains intact, my work encourages me to remain "friendly" and long the SPX.

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.

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