Heading into the final hour of trading today, the e-SPU appears to have pivoted off of a marginal new high at 1248.50 and is heading for another visit of this morning's low at 1242.25. If such a scenario unfolds during the final hour of trading, then a break below 1242.25 should trigger additional weakness that will carry through for most of Thursday, ahead of Friday's Employment Report. As of this moment, we need to see the e-SPU break 1242.25 to confirm that a significant micro peak has been established. Otherwise, there will be more noise and volatility in and around 1246-1249.
MJP 8/3/05
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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.