Market Analysis for Sep 19th, 2005
The time of truth for the e-SPZ approaches as
the index slices below key micro support at
1235.75/75, but does not follow-through to
the downside (yet). The area between 1235.25
and 1230.75 is the cushion that separates the
index from sliding into a much more bearish
technical juxtaposition. If 1230.75 is violated,
then the e-SPZ should press lower in a hurry-
to test the Katrina 50% retracement level to
1225-1224- likely on the way to 1218. At this
juncture, only a rally above 1239.50 will negate
a break below 1230.75.
MJP 09/19/05 2:40 PM ET 1235
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