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Mid-Day Minute with Mike Paulenoff
http://www.tigersharktrading.com/articles/548/1/Mid-Day-Minute-with-Mike-Paulenoff/Page1.html
By Mike Paulenoff
Published on 05/31/2005
 
So far today's action has the look of a key downside reversal.
Mid-Day Minute with Mike Paulenoff

The most salient feature of the daily chart is the fact that so far today's action has the look of a key downside reversal.  If such a reversal spike holds into the closing bell, then it will represent a negative near-term technical signal that should trigger additional weakness that presses the E-mini June S&P to test important support in the 1186-1185 support area initially, and possibly follow through into the area of the moving average support at 1175-1170.  The E-mini June S&P must close at or above 1196 to avert such a signal.  We will be monitoring the situation closely during the final two hours of trading.

MJP 05/31/05 12:20 PM ET (1193.75)

 

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.