MPTrader Mid-Day Minute
Wed Jun 8th 2005
Three hours after our prior chart update, amidst a wild ride in oil prices and a stronger dollar -- and 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 29th support line at in the vicinity of 37.50.
MPTrader Mid-Day Minute
Thu Jun 9th 2005
With 2 hours remaining in today's session, the Q's are poised to hurdle key resistance at 38.00, which will mean that the former "neckline" of the recent Head & Shoulders pattern will have been hurdled- a signal that the toppy pattern no longer is valid. Furthermore, such upside action in the Q's comes AFTER the bears tried but FAILED to press the stock beneath the April 29th trendline in the 37.58 area. This AM's low at 37.49 definitely pierced below the trend- line, but the bears showed no ability to follow-through on the downside. Since then, the bulls have re-taken control of micro direction. Further strength that hurdles the intraday high at 38.06 should trigger upside acceleration to 38.50- the area of the former "Right Shoulder." At this juncture, only a decline that breaks this AM's low at 37.49 will reinstate the bearish scenario for a run at 37.20, and then 36.60. MJP 06/09/05 1:55 PM ET....37.85
About Mike Paulenoff
