Market Analysis for Apr 18th, 2005

For today's "Late Session" Minute, Mike writes: Heading into the final 30 minutes of futures trading, well, my question is how can such an extremely oversold market act so sluggish? How is it that the e-SPM cannot seem to hurdle 1150-1151? Actually, I do not have the answer- only to say that the index probably will recover beyond 1151 in the upcoming hours-- into the 1155-1160 area--- prior to the reassertion of the dominant downtrend-- and a run at new lows. Only a decline that breaks and sustains below 1141 will argue that new lows might be forthcoming sooner, rather than later. All in all, we will watch from the sideliines into tomorrow morning at 8 AM, to see how the current pattern develops. MJP 04/18/05 3:40 PM ET (1148.00)

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