Market Analysis for Nov 15th, 2005
After climbing to marginal new highs at 1241,
the e-SPZ pivoted to the downside and has
plunged to 1231.50 (so far), in what has morphed
into a micro Broadening Top formation, which is
a negative signal that a corrective period likely
has started. The initial test of support is approaching
along the trendline at 1229.50/00, which if violated,
should trigger additional weakness into the 1225-1223
area. So far today, the AM mini Head & Shoulders
formation failed to break down, which triggered a run
to marginal new highs, which trapped the bulls inside
of a 3-day Broadening Top formation. For the time
being, as long as 1229.50/00 remains intact as the
Oct.-Nov. support line, the bulls remain in control-
but just barely. 11/15/05 2:20 PM ET 1233
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