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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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