Market Analysis for Aug 11th, 2005
Tricky situation in the e-SPU as we head into the final two hours of futures trading. On one hand, the index shows very little ability to rally. On the other, the pattern off of Monday's low at 1224.24 is an important micro trendline that could provide the support to trigger a recovery pop into the 1235-37 area from here (1230/31). For the time being, we are content to watch from the sidelines unless the index breaks below 1230 AND continues lower to break 1228.25, where we will want to sell weakness.
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