Market Analysis for Apr 11th, 2005
Although the E-mini June S&P has rallied away from this AM's low
at 1181.25 (to 1186.25), the index must hurdle its prior
micro rally peak at 1187.25 to trigger upside acceleration
towards my next optimal target zone of 1193-1196. Inability
of the index to hurdle and sustain 1187.25 will not be a good
sign from a pattern perspective, which will begin to look like
a sideways range is developing between 1187 and 1181
within the micro downtrend from Friday's high at 1195.75.
For the time being, the pattern looks to me like it should
make another run or two at 1187.25 in the upcoming hours.
MJP 04/11/05 12:55 PM ET (1185.25)
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