Market Analysis for Jan 24th, 2005

Mike was away unexpectedly last week due to a family emergency, so there was no Mid-Day Minute on Wed, Thurs and Fri. For today's Mid-Day Minute, Mike writes about the E-mini March S&P: Don't you find it remarkable that the rally from 1168.75 to 1174.25 has stopped dead in its tracks-- right at the point of potential upside breakout? Wow... Could it be that the bulls have run out of gas right at a critical micro resistance-breakout level? So far, the answer appears to be yes.

Inability of the index to hurdle and sustain that and then accelerate from 1174.25 in the next 20-30 minutes or so will kill this rally and should trigger liquidation that presses the e-SPH to new lows -- on the way to the 1163 area next.

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