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You can see from the enclosed hourly chart that the pattern carved-out by the E-mini June S&P since the beginning of March COULD BE interpreted as a minor Head & Shoulders TOP, which already has sliced below the neckline around 1210, declined to 1202.50 so far, and today is testing its breakdown plateau at 1208- 1210. If this scenario unfolds, then the next break below 1205 should trigger downside acceleration that presses the index towards measured targets of 1195 and then 1186. Once again, only a rally that hurdles 1218.50 will neutralize my near term bearish outlook. MJP 03/14/05 11:20 AM ET (1208.00)

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