Market Analysis for Oct 10th, 2005
At 1 PM ET, the e-SPZ appears to have just finished a recovery
pop from 1192.50 to 1200.75, which may have caught some
folks attention (because the partial holiday trade is relatively
subdued), but from a strict technical perspective, means very
little to the chart pattern that has developed off of last Thurs.
low at 1185.75. Let's notice that the micro pattern shows
a series of lower-rally-highs at 1207.00, 1204.75 and 1204.50,
which is keeping the overall downtrend intact from one week
ago (1238.75). To break the back of the downtrend, the e-SPZ
must hurdle and sustain 1204.50/75. Otherwise, the lower-
pullback-lows since mid-session Friday- at 1195 and 1192.50
likely will be violated again- on the way to a retest of Thurs.
low at 1185.75.
MJP 10/11/05 1 PM ET 1198
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