Market Analysis for Dec 22nd, 2004

This is our last Mid-Day Minute for 2004. We wish all of you Happy Holidays and all the best in the New Year! For today's Mid-Day Minute, Mike writes: The E-mini March S&P tested key micro support at 1206.75, held there, and then thrust right to and above the prior high at 1210.75 into new high ground at 1214.25 (so far). The thrust above 1210.75, the pattern carved-out off the 1195.25 low, and the index's ability to sustain (and consolidate) at current levels are very constructive signs -- of still higher prices to come. My intermediate-term work points to 1220 as the next target area. At this juncture, only a decline that breaks below 1206.75 will compromise the current upmove.

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