Market Analysis for Aug 4th, 2005

Finally, the Q's are making some headway on the downside (we are short from 40.07), proving that the very vulnerable technical "set-up" that I have been squawking about for 48 hours really did exist. What now? Notice that the price structure has inflicted some damage to the hourly chart structure by breaking below key micro support points at 39.88 AND 39.70, which should trigger downside acceleration towards more critical support at 39.55/50. At this juncture, only a rally back above 39.95 will neutralize current weakness.

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