Market Analysis for Aug 31st, 2004

For today's Mid-Day Minute, Mike writes: My hourly work continues to warn me not to be short anymore "down here" in the 1095-1094 area. The micro pattern off of last Friday's high at 1109.75 argues in favor of a rest-digestion-recovery rally period directly ahead that could pop the index back up to the 1100-1102 area. Only a plunge that slices below and sustains beneath 1092 will invalidate my micro outlook (for the next few hours), and instead will point the price structure to my next optimal downside corrective target at 1085-1080.

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