We find that the action since 11:30 AM ET has remained within the narrow intraday range between 1161 and 1166.25 on the June E-mini S&P. An upside hurdle of the intraday double top at 1166.25 should trigger a test of more important "neckline" resistance at 1169-1170, which also represents the breakout area of the inverted Head and Shoulders pattern that has developed since last Thursday. Conversely, a break below 1160 should trigger a press towards 1155, which will jeopardize the base-like pattern. Right now, the bulls are attempting to challenge the 1166.25 area for a third time today.
MJP 05/17/05 1:25 PM ET 1165
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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