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Mid-Day Minute with Mike Paulenoff
By Mike Paulenoff | Published  05/16/2005 | Futures , Stocks | Unrated
Mid-Day Minute with Mike Paulenoff

After 90 minutes of trading, the e-SPM continues to march higher towards a possible critical retest of Friday's early-session high at 1165.60, which if hurdled will neutralize my current bearish micro outlook.  From a pattern perspective, there is nothing about the climb from Friday's low at 1146.75 to this morning's high at 1162.75 that exhibits the look of a new upleg. Instead, it looks like another vicious, counter-trend rally effort ahead of another smash to the downside.  For the time being, we remain short with stops above Friday's high.

 

MJP 05/16/05 11 AM ET 1161.50

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.