Pinnacle Resources LP (http://www.pinnacle-resources.net) Issues Technical & Quantitative Market Update for DIA, SPY, & QQQ

Chicago, IL (PRWEB) October 2, 2003

Pinnacle Resources LP reports its technical & quantitative model results for the DJIA (AMEX: DIA), S & P 500 (AMEX: SPY), NASDAQ-100 (AMEX: QQQ).

Prices again failed to hold a rally attempt through SHORT-TERM TREND LEVELS and sagged late in the session on Tuesday leaving the short-term models with slightly increased short positions. Index prices set an early low, bounced at the support that the market found at Friday’s closing price near LONG TERM TREND LEVELS, and sagged late as well. The markets have again failed to post a reversal pattern on the hourly or daily charts, so the case for a continuation of the up trend is still in question.

The short DIA, SPY, and QQQ positions remain precarious because they have been generated after a sharp down draft and the markets are set up for a bounce. As it stands now, the overall up trend is still intact, however if support for the DJIA, SPX, and NDX at the LONG TERM TREND LEVELS does not hold, then the up trend is finished. We continue to expect actual and implied volatility to increase from this point forward. Resistance for the DIA, SPY, and QQQ is now at the SHORT-TERM and LONG TERM TREND LEVELS with support at Tuesday’s low price. Resistance for the indexes remains at the SHORT-TERM TREND LEVELS and then again at the previous 52 week high closing price.

The firm’s proprietary quantitative and technical intermediate term trading model continues to generate a long position for these indexes based on their recent price patterns. The firm’s proprietary quantitative trading model generates a long position when it detects a positive trend in the historical price data series. While the model remains long, the possibility of a trend reversal is not out of the question. For more details on this and other positions, visit the market indices and models sections of the firm’s website located at http://www.pinnacle-resources.net.

ABOUT PINNACLE RESOURCES LP

Pinnacle Resources LP is an independent equity and derivative securities research and trading firm that distributes daily and weekly market research reports. The strategy and methodology behind these reports reflects a consistent, concise, and disciplined approach to investment and trading analysis.

Investors should be advised that no responsibility is assumed for the use of this material and no express or implied warranties or guarantees are made. The firm does not receive compensation from individuals or firms other than those that subscribe to its services. Facts, opinions and advice are current and are subject to change without notice. Nothing contained herein shall be construed as an offer to buy/sell any commodity, security, option or futures contract. The officers, employees, or managed accounts of Pinnacle Resources LP may have positions in the contracts or securities mentioned herein.

Pinnacle Resources LP

Chicago, IL

http://www.pinnacle-resources.net

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