Market Analysis for Jun 18th, 2004

The markets have been flat the last three hours. Into the opening we had a dip in the futures, and the E-mini Sept S&P got right down to a critical level along the June 1 trendline, about the 1126 level. It held right there and pivoted to the upside.

That 1126 level is the lowest support line of a triangle coil type of pattern that's contained all the price movement since June 8. So, when we pivoted off of 1126, it took off and went to the top of the coil -- actually through it -- and broke above 1137