Market Analysis for Apr 11th, 2005

Although the E-mini June S&P has rallied away from this AM's low at 1181.25 (to 1186.25), the index must hurdle its prior micro rally peak at 1187.25 to trigger upside acceleration towards my next optimal target zone of 1193-1196. Inability of the index to hurdle and sustain 1187.25 will not be a good sign from a pattern perspective, which will begin to look like a sideways range is developing between 1187 and 1181 within the micro downtrend from Friday's high at 1195.75. For the time being, the pattern looks to me like it should make another run or two at 1187.25 in the upcoming hours. MJP 04/11/05 12:55 PM ET (1185.25)

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