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Thus far during the PM session, the rally in the e-SPU from 1204.75 to 1211.75 exhibits counter-trend form, and as such, merely represents another feeble oversold rally prior to another plunge to new lows-- into the 1202-1200 next target zone. HOWEVER, the ability of the index to hold above 1208, followed by a thrust above the intraday recovery at 1212 will be a constructive sign that a meaningful micro low in fact did occur at 1204.75- and that more recovery action should be expected-- to test and hurdle the nearest resistance line at 1213.25 on the way to probe yest.'s recovery high at 1215.25. A climb above 1215.25 will be considered a micro breakout signal that points the index to 1220/22. For the time being, the index must prove itself by remaining above 1208, and then by recovering above 1213.25. MJP 08/26/05 2:50 PM ET 1208.50

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