Market Analysis for Aug 24th, 2004

For today's "Closing Minute," Mike writes: As it turned out, we participated in the lion's share of the intraday volatility today, which benefited our short position (1098.50 to 1093.25)... All of the action after the intraday low was established at 1092.25 has taken the form of a sideways rest period, which as of this moment resembles a developing bear flag or continuation pattern. If that proves to be the case, then once the pattern matures (in the overnight session), the E-Mini S&P should resume its underlying micro trend to the downside, and press to and below 1092.25 to our next target area in the vicinity of 1088. Let's refer back to our 3 PM chart update for our parting shot this evening.

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