Market Analysis for May 11th, 2005
For today's Mid-Day Minute, Mike writes:
My work argues that the spike low at 1158 this AM- into the
Reuters story about the White House and Capital buidling
evacuations- ENDED the corrective process off of last Fri.'s
high at 1182.25, and that a new recovery upleg has commenced
that should propel the index to new high territory in the
vicinity of 1186.00. At this juncture, only a decline that
breaks this AM's low at 1158 will invalidate my current
outlook, and will indicate that the correction will extend
into the 1150 area. For now, though, we are long, anticipating
strength initially into the 1171-1172 next resistance target
zone. MJP 05/11/05 1:25 PM ET (1167.00)
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