Market Analysis for Feb 3rd, 2005

Now that the E-mini March S&P has triggered micro upside reversal signals when it hurdled 1189.00, the index has not exactly rocketed to the upside... In fact, the lack of upside follow- through is CONSPICUOUS by its absence, which warns me that the pivot off of 1185.75 likely represents an intervening rally within an INCOMPLETE corrective process. In other words, the minor upmove will fail, and the e-SPH will plunge to new lows below 1185.75 into my preferred target zone of 1183-1180 prior to the REAL upside pivot reversal emerges (after Employment?).

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