Market Analysis for Feb 7th, 2005

The inverse relationship between oil and the E-mini March S&P continues . . . since the late-January pivot reversals evident in BOTH markets. Notice that the crude oil pullback from 49.75 is approaching important support at 45, which if breached should trigger additional weakness into the 42.50 area. Such a decline also should have positive implications for the E-mini March S&P, which could head towards a retest of its January highs at 1221.25.

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