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My intraday work argues that the E-mini March S&P still has more work to do on the downside prior to completing the decline off of today's high at 1221.25. The optimal downside target for the remainder of the move is 1205-1202 ahead of a recovery rally. The intraday pattern carved out by today's decline has the "right look" of a first leg of a larger downside corrective move. If that proves correct, then after a recovery bounce from 1205-1202 to 1212-1215, the E-SPH should roll over into another decline that presses the index to test more critical support at 1195.25.

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