Well, is that it? Is the pullback off of Friday's high (38.21) over? Possibly, but my work argues that only the initial downleg of the pullback is complete. After the current "intervening" rally runs its course, the Q's should loop around and decline below today's low of 37.58 to test more important support at 37.25. At this juncture, only a rally that hurdles and sustains above 38.21 will invalidate my micro outlook.

MJP 6/20/05 1:00 PM ET (37.82)

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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.