Pinnacle Resources LP Reports its Technical & Quantitative Model Results for the DIA, SPY, QQQ

Chicago, IL (PRWEB) November 11, 2003 -- Pinnacle Resources LP reports its technical & quantitative model results for the DJIA (AMEX: DIA), S & P 500 (AMEX: SPY), NASDAQ-100 (AMEX: QQQ).

The markets opened higher, tried to rally to new 52-week highs in the first hour, failed to gain momentum, corrected through mid-session and dropped quickly in the last two hours of trading to close at minor support near the lows of the session on less than spectacular volume. Friday's price action was disappointing to those traders long the market as the DIA, SPY, and QQQ were unable to bounce off of SHORT-TERM TREND LEVELS and closed at respective STOP-LOSS PRICES. This situation means that a lower trade and close on Monday will move the DIA, SPY, and QQQ models to neutral positions.

As it stands now, the overall up trend is still intact. Heading into Friday's trading session, the stage was set for a gap opening, which occurred, however the lack of follow through led to the late session sell off. With the latest push through resistance, traders appear to be willing to push prices higher in the near term, however traders appear to be more willing to buy the breaks rather than the rallies. When the SPX posted a new high last Monday, it appeared to be leading this price advance, however it may be the NDX/QQQ that are actually leading the markets at present. Still a strong price advance in the SPX should lead to larger players that are short calls against long positions being drawn into the rally.

Resistance for the DIA, SPY, QQQ starts at the SHORT-TERM TREND LEVELS, Friday's high price, and then again at levels 2% above Friday's closing prices. Support for the DIA, SPY, and the QQQ is located in a range from the STOP-LOSS PRICES and last Wednesday's low, followed by LONG TERM TREND LEVELS, and then in the October 3 gap on daily charts. For the Indexes, support lies at Friday's low, SHORT-TERM TREND LEVELS, the STOP-LOSS PRICES, followed by the October 3 daily chart gap, and then their respective LONG TERM TREND LEVELS.

The firms proprietary quantitative and technical intermediate term trading model continues to generate a long position for these indexes based on their recent price patterns. The firms 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 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