Market Analysis for Aug 2nd, 2005

My intraday work argues that the recovery rally off of yesterday's low at 1235.75 ended during the past hour at 1247. If that proves accurate, then the e-SPU is in the early process of rolling over into a corrective period that should press the index to retest -- and break -- support at 1235.75 on the way to 1220 and then 1210. A break below 1243.50 is needed to trigger the start of downside acceleration.

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