Market Analysis for Jul 6th, 2005

The morning's failure to hurdle and sustain above 1210 triggered a flight into a deeper pullback after yesterday's upleg from 1195.25 to 1210.75. In fact, the E-Mini September S&P retraced just over 50% of yesterday's rally prior to bouncing off of 1202.50 into the 1205 area. My work continues to argue for additional strength that hurdles 1210.75 into the 1214-1216 target zone.

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