|
From Investing-News.Com Market News The Nasdaq indices continue to lead the market (technology issues), but I would feel a heck of a lot better if the other indices showed more strength to the upside. Let's take a look at the Q's. Last week’s pivot low at 42.52 certainly looks and feels as though the Q's ended a correction (from the 11/24 high at 44.86) and started a new upleg within the larger uptrend off the July lows. Although the action during the last four sessions has amounted to a range trade (44.20-43.70), the entirety of the post-1/03 upmove views the sideways action as a bullish consolidation period prior to a resolution to the upside that will propel the Q's to test and hurdle the Nov-Dec high at 44.86/84. Only a break below 43.50 will weaken the bullish scenario, while a break of 42.52 will be outright negative.
Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here. This Market Commentary provided by: Tiger Shark Trading is a destination web site for savvy traders and provides daily commentary from some of the world's top professional traders. Check it out. It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading. © 2004 Investing Systems Inc., All Rights Reserved. |
