Market Analysis for Jan 4th, 2005

For today's Mid-Day Minute, Mike writes: The E-mini March S&P has bounced off of the 1187 support area, and has since bounced to 1192 in what my work argues is the first rally within a larger basing effort that should be established between 1192.50 and 1184.00. If my work proves accurate, then the e-SPH should fail in and around 1190-1192, and then retest and possibly break its earlier low at 1186.75-- into the 1185-1184 area-- prior to a more potent, sustainable advance to 1195-1200 initially. We will look to enter long positions (now that the near term potential on the short side has run its course) into the expected retest of 1187.00.

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