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Heading into the final hour of trading today, the e-SPU
appears to have pivoted off of a marginal new high at
1248.50 and is heading for another visit of this AM's
low at 1242.25 (as we were expecting). If such a scenario
unfolds during the final hour of trading, then a break
below 1242.25 should trigger additional weakness that
will carry through for most of Thursday, ahead of Fri.'s
Employment Report. As of this moment, we need to see
the e-SPU break 1242.25 to confirm that a significant
micro peak has been established. Otherwise, there will
be more noise and voliatility in and around 1246-1249.
MJP 08/03/05 2:50 PM ET 1245.50
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