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

Chicago, IL (PRWEB) October 3, 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 rallied sharply today on increasing volume through SHORT-TERM TREND LEVELS and moved the short-term models to neutral and the intermediate term models back to long positions. Index prices opened slightly higher and moved through resistance levels throughout the day to close slightly above SHORT TERM TREND LEVELS. While the DIA and SPY posted strong gains, the QQQ lagged the advance and remained below LONG TERM TREND and STOP-LOSS LEVELS leaving the model with a small short position. The advance in prices was so quick that the DIA and SPY models now hold neutral readings, even though prices have advanced above LONG TERM TREND LEVELS. Aggressive traders may wish to initiate long positions, however we will wait to initiate new long positions with the prices near the LONG TERM TREND LEVELS of the models.

As it stands now, the overall up trend is still intact and 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 Wednesdays high price with support at LONG and SHORT-TERM TREND LEVELS. Resistance for the indexes is now located at the previous 52 week high closing price, with support at the SHORT-TERM and LONG TERM TREND LEVELS.    

Given these observations, the firms proprietary quantitative and technical intermediate term trading model continues to generate a long position for these equity indexes, while the short-term model holds a neutral position based on recent market price history. The firms proprietary quantitative trading model generates positions when it detects a positive or negative trend in the historical price data series. For more detailed information, visit the market indices and models sections of the firms website located at 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.
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Pinnacle Resources LP
Chicago, IL
www.pinnacle-resources.net