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

Chicago, IL (PRWEB) October 9, 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 tried to move lower at the open, found support at Mondays low price, rallied to fill the gap left at the open of trade, consolidated, and managed to rally near 52-week high resistance at the close. Traders were unable to generate enough downside pressure to take out Mondays low price and finished near Fridays high price in the SPX/SPY, DJIA/DIA, and the NDX/QQQ leaving the short-term and intermediate term models with long positions. The candlesticks on the hourly and daily charts appear to reflect a rejection of the downside move during the last two weeks of September. Further, a case can be made for an island reversal pattern on the daily SPX/SPY and DJIA/DIA charts lending further support to the price rally.

As it stands now, the overall up trend is still intact as Fridays volume and price action, followed by Monday and now Tuesdays lack of selling, has lent confirmation to the continuation of the rally. 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. With the prices finishing near the high of the session and moving higher after hours, the market is set up to rally further on Wednesday.

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