Market Analysis for Jul 18th, 2005

After 4 1/2 hours of trading, this is a classic summer Monday -- a case of the blahs. In any case, from a strict technical perspective, the micro, stair-step downtrend that started at last Thursday's high at 1237.50 continues to unfold. To wreck the mini bear pattern, the bulls will need to pop the index above 1231.50. Conversely, a break below 1225 should extend the stair-step decline into the 1222-1220 micro support area.

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