Market Analysis for Jun 20th, 2005
Well, is THAT it? Is the pullback off of Friday's high (38.21) over? Possibly, but my work argues that only the initial downleg of the pullback is complete. After the current "intervening" rally runs its course, the Qs should loop around and decline below today's low of 37.58 to test more important support at 37.25. At this juncture, only a rally that hurdles and SUSTAINS above 38.21 will invalidate my micro outlook.
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