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

Chicago, IL (PRWEB) October 8, 2003 -- Pinnacle Resources LP reports its technical & quantitative model results for the DJIA/DIA, S&P 500/SPY, & NASDAQ-100/QQQ.

Prices moved sideways for most of Mondays session, but finished near the high of the narrow range on light volume. Traders were unable to generate enough strength to take out the 52-week high or Fridays high price in the SPX/SPY, DJIA/DIA, or the NDX/QQQ, however the short-term and intermediate term models remained long. The candlesticks on the daily charts reflect the hesitancy of the market to adsorb the remaining stock for sale in the down gap left over from eleven sessions ago near the 52-week high.

As it stands now, the overall up trend is still intact as Fridays volume and price action, followed by Mondays lack of selling, has lent confirmation to the continuation of the rally. We continue to expect actual volatility to increase from this point forward. The possibility of a double top chart pattern does exist, however the probability is low at this point in time, especially if prices remain above the lows of the gaps on the hourly charts. The markets may be in the process of moving higher in the third wave of a five wave up trend that could take prices sharply higher if the previous 52-week high price can be exceeded.

Resistance for the DIA, SPY, QQQ and the Indexes is located in a range from Fridays high price to the previous 52-week high closing price. Support for the DIA, SPY, QQQ is located in a zone from Fridays low price down to their LONG and SHORT-TERM TREND LEVELS. For the indexes, support lies at Fridays low price, followed by their respective SHORT-TERM, STOP-LOSS, and LONG TERM TREND LEVELS.

Given these observations, the firms proprietary quantitative and technical short and intermediate term trading model continues to generate a long position for these equity indexes 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.

Pinnacle Resources LP
Chicago, IL
www.pinnacle-resources.net
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