Market Analysis for Apr 6th, 2005
Now that the e-SPM has recovered all of its lost ground from Friday afternoon's
crude oil-induced plunge from 1193.50 to the 1171 area, my work is telling me
that the "easy money" within this secondary recovery rally phase is behind us.
This is not to say that the index will not make new highs above 1193.50... because
the micro technical picture projects a next target zone of 1195-1198, possibly on
the way to a final target of 1200-1202. Nonetheless, at this particular point in time,
the upmove from Monday's low at 1170.75 to today's high (so far) 1193.50 has
used up alot of near term energy, which compelled me to head for the sidelines
for a while-- to see what develops ahead of the final hour of today's trading.
MJP 04/6/05 1:10 PM EDT (1191.00)
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