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So far, the pullback from yest.'s high at 1227.75
has held week-long trendline support at 1216.50,
which has turned the e-SPZ to the upside for a
return towards unchanged. HOWEVER, my suspicion
is that even if the index races up to the 1225/27 area,
the strength will NOT be sustainable prior to another
loop to retest the 1216 area-- to complete a complex,
multi-day process ahead of the next upleg. For this
reason, we should remain spectators for a while
longer (over the weekend).
MJP 11/04/05 12:30 PM ET 1220.25/50
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