In this morning's trading, amidst a wild ride in oil prices and a stronger dollar, and yet the Qs hardly have moved. They remain stuck in a range between 38 and 37.75 in what looks to me like a sideways, but bearish, continuation period ahead of another thrust to the downside. Of course, Mr. Greenspan just may have something to say (doesn't he always) about the next direction of the Qs, but my work points lower for a test of the April 29 support line at in the vicinity of 37.50.

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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.