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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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