S&P 500 Concluding its Decline?

The enclosed hourly chart of the SPX shows that the price structure has looped down from its early-session rally effort into a test and break of this AM's low at 1287.24, which should press the index to lower-reaction lows at 1285.20/00 next-- and then possibly a test of the 4//17 low at 1280.74-- in what looks like it should represent the final bout of weakness in the downleg off of last week's high at 1326.70. Between today's last hour, and the conclusion of tomorrow's first two hours of trading, we should be looking for the conclusion of the current decline. MJP 5/15/06 1:45 PM SPX 1287.32 SPY 128.93

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