Market Analysis for Feb 16th, 2005

ZZZZZZzzzzzzz... Come on Mr. Greenspan... say SOMETHING that jogs the Qs out of their multi-hour sideways range (preferably to the upside)! Then again, the fact that the indices in general, and the Qs in particular, have NOT plunged in reaction to anything Greenspan has said, should be viewed as a net positive. In any case, the Qs remain coiled inside of their two-day "rest" period. As long as 37.86-37.68 contains any forthcoming weakness, my work argues that within a few hours, the Qs will have fully corrected the prior advance, and ready for another loop to the upside. At this juncture, only a climb that hurdles resistance at 38.16 will trigger upside acceleration towards a test of 38.48.

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