Mid-Day Minute with Mike Paulenoff

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By Mike Paulenoff | Published 05/6/2005 | Futures , Stocks | Unrated

Mid-Day Minute with Mike Paulenoff

For today's Mid-Day Minute, Mike writes: Today's marginal new high at 1182.25 in the E-mini June S&P for the rally that began one week ago at 1140.25 has the prerequisites of a significant near term technical peak and downside pivot reversal. Confirmation of the peak will be triggered upon a downside break of yesterday's intraday low at 1167.50, which also will represent a possible keyreversal spike on the daily charts. Right now, all I have is preliminary signals that 1182.25 ended the upleg from 1140.25, but my suspicion is that more selling pressure is approaching fast.

MJP 05/06/05 12:20 PM ET (1172.50)

Click here to view the chart (opens in a new window).

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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