Market Analysis for Aug 23rd, 2004

For today's Mid-Day Minute, Mike writes: Although the E-mini Sept S&P has not made much net progress since my last update, the pattern carved out throughout today's session has the look and the feel of a minor sideways congestion period within the underlying rally phase that began in mid-Aug at 1060. Although my hourly momentum gauge is not confirming the fact that the price structure is right near its highs, the pattern argues for another burst of strength into new recovery high ground at 1104 to 1106 prior to my expectation of a pivot downside reversal -- and the initiation of a corrective-pullback sequence.

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