Market Analysis for Aug 10th, 2004

For today's Mid-Day Minute, Mike writes: After at least two whipsaws, the E-mini Sept S&P finally thrust to one more new high intraday, a recovery rally high at 1077, which is starting to look like it was THE HIGH for the relief rally from last Friday's low at 1060.75. A sustained decline below 1073 will trigger initial signals that 1077 represented THE high for the recovery rally, and that another decline has started -- on the way to retest last Friday's lows.

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