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At 1 PM ET, the e-SPZ appears to have just finished a recovery pop from 1192.50 to 1200.75, which may have caught some folks attention (because the partial holiday trade is relatively subdued), but from a strict technical perspective, means very little to the chart pattern that has developed off of last Thurs. low at 1185.75. Let's notice that the micro pattern shows a series of lower-rally-highs at 1207.00, 1204.75 and 1204.50, which is keeping the overall downtrend intact from one week ago (1238.75). To break the back of the downtrend, the e-SPZ must hurdle and sustain 1204.50/75. Otherwise, the lower- pullback-lows since mid-session Friday- at 1195 and 1192.50 likely will be violated again- on the way to a retest of Thurs. low at 1185.75. MJP 10/11/05 1 PM ET 1198

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