Market Analysis for Apr 18th, 2005
For today's "Late Session" Minute, Mike writes:
Heading into the final 30 minutes of futures trading,
well, my question is how can such an extremely
oversold market act so sluggish? How is it that the
e-SPM cannot seem to hurdle 1150-1151? Actually,
I do not have the answer- only to say that the index
probably will recover beyond 1151 in the upcoming
hours-- into the 1155-1160 area--- prior to the reassertion
of the dominant downtrend-- and a run at new lows.
Only a decline that breaks and sustains below 1141 will
argue that new lows might be forthcoming sooner, rather
than later. All in all, we will watch from the sideliines into
tomorrow morning at 8 AM, to see how the current pattern
develops. MJP 04/18/05 3:40 PM ET (1148.00)
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