Market Analysis for Feb 28th, 2005
After hitting a micro peak this AM at 1214.75, the E-mini March S&P
has been stair-stepping to the downside as it corrects
last week's upmove in general, and Fri.'s surge from 1200
to 1213.25 in particular. The overall pattern off of Wed.'s low
at 1183.50 remains intact and bullish. Now the only question
is where this pullback will press the index ahead of renewed
buying interest that thrusts the index to new highs? Right now,
the optimal micro pullback zone is 1209-1206 prior to my
expectations of a pivot upside reversal. At this juncture, a rally
that hurdles and sustains above 1211 will confirm that the
intraday corrective sequence is over.
MJP 02/28/05 11:45 AM ET (1209.00)
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