Market Analysis for Mar 2nd, 2005
Since the E-mini March S&P surged to new recovery highs this AM at 1217.00, the index has
been carving-out a high level rest-digestion area between 1216 and 1213-- which
is likely to be extended a bit lower into the 1212 area prior to my expectation of
the emergence of another upmove that should propel the index to my next target
zone of 1218-1222. If such a scenario unfolds, then at say, 1220 or so, the e-SPH
will pivot to the downside to start a corrective period. It will be the extent of the
pullback, and the form exibited by the correction that will provide us with clues
as to whether or not the entire upleg off of last Wed.'s low at 1183.50 is over. MJP 03/02/05 12:35 PM ET (1214.75)
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