Market Analysis for Feb 4th, 2005

The E-mini March S&P continues to grind higher after this AM's (mediocre) economic data... The high at 1198.75 has exceeded the Jan. 18th recovery rally high of 1197.75, but has NOT (yet) accelerated towards a test of more critical resistance at 1200-- which if hurdled, will point the index towards our next optimal target zone of 1202-1206. At this juncture, only a decline that breaks and sustains below 1194.50 will weaken the intraday chart structure (but not the larger week- long upmove). Only a break below 1190 will wreck the larger pattern.

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