Market Analysis for Feb 2nd, 2005

My micro work indicates that this morning's high at 1193.50 likely ended the upmove off of 1177.25. A break that sustains below 1189 will confirm such a peak and point the E-mini March S&P to a pullback/corrective target in the 1183 area. Inability of the e-SPH to break below 1189 to confirm the high at 1193.50 will indicate that the index has entered another high-level congestion-rest period ahead of yet another pop that challenges critical resistance at 1196-1198. Anyone who was long should be taking partial profits "up here."

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