Market Analysis for Jan 26th, 2005

For today's Mid-Day Minute, Mike writes: After making yet another marginal new recovery high at 1176.50, the E-mini March S&P again has failed to sustain its gains, and again has reversed to the downside and pressed back into the 1173-1172 area. Although the upmove off of yesterday's low at 1164.25 did reach my initial target (1176.25 from yesterday's aborted long position), the upside pattern carved-out since Monday remains highly suspect-- and likely represents another minor relief rally prior to a plunge to retest and likely violate 1164.25-- on the way to 1160.

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