Market Analysis for Aug 16th, 2004

For today's Mid-Day Minute, Mike writes: The E-mini Sept S&P consolidated for 4 hours around the 1075 area, and in a bullish profile, then popped to new recovery highs at 1080.75 (so far) ... .My intraday work is STARTING TO WARN me that the index is running out of gas "up here," and is emitting signs of increased risk for the longs. My work points to perhaps one little upside "blip" into the 1082-83 area prior to another loop to the downside that retraces back into the 1070 area thereafter. Those of you who participated in today's long position should take profits into new recovery high ground.

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