Market Analysis for Jan 7th, 2005

For today's Mid-Day Minute, Mike writes: Heading into the final hour of trading, what do we have besides a very messy sideways 3-session trading range? Hmm... like I said earlier, the "lines in the sand" are clear: 1194.50-1195.00 on the high side, juxtaposed against 1183.75-1182.75 on the low side. Whichever side of the range is violated and sustained should trigger additional price action of 4 to 6 S&P points in the direction of the breakout. As of this moment, my near term work still leans towards an upside breach of 1195- and follow- through to 1200-1205 prior to the conclusion of the counter-trend rally period. Only a smash below 1182.75 will invalidate the upside scenario, and indicated that a new downleg already is in progress that projects to 1175- 1160 thereafter.

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