Market Analysis for Jan 31st, 2005

Is the rally from Fri.'s low at 1177.50 over? Well, my work argues that if the e-SPH declines below 1177.50, then the upmove is complete, and another loop to the downside already is in progress. Keep in mind that we have an unfilled gap at 1175 left behind on Sunday eve's opening... So any break below 1177.50 likely will press immediately to 1175 to fill the gap-- AND if no buying interest emerges at 1175, then look out below! (1166 here we come). Conversely, barring a break of 1177.50, upside potential will remain viable into the 1184-1185 original target zone.

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