Market Analysis for Mar 14th, 2005
You can see from the enclosed hourly chart that the
pattern carved-out by the E-mini June S&P since the beginning
of March COULD BE interpreted as a minor Head &
Shoulders TOP, which already has sliced below the
neckline around 1210, declined to 1202.50 so far,
and today is testing its breakdown plateau at 1208-
1210. If this scenario unfolds, then the next break
below 1205 should trigger downside acceleration
that presses the index towards measured targets of
1195 and then 1186. Once again, only a rally that
hurdles 1218.50 will neutralize my near term bearish
outlook. MJP 03/14/05 11:20 AM ET (1208.00)
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