Market Analysis for Feb 17th, 2005

As we approach the final hour of trading, the E-mini March S&P continues to trade within the lower third of its two-day range as pressure mounts on critical micro support at 1203.25-1202.25. A sustained break below 1202.75 should trigger an immediate press towards 1200. At this juncture, only a rally that sustains above 1208.50 will neutralize the immediacy of potentially serious near term technical damage (below 1202.50/25).

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