Market Analysis for Jul 22nd, 2005
This will be our last Mid-Day Minute until Mon Aug 1, as Mike will be on vacation.
For today's Minute, Mike writes: My work argues that yesterday's "Yuan spike" to new 2005 highs at 1246 represents THE HIGH for the upleg that began at the July 7th high, and possibly THE HIGH for the upmove off of the 4/18 low at 1140.75. If such proves to be the case, then the s-SPU is in the early stages of a corrective period that should press the price structure beneath key support at 1225.50-1224, on the way to the 1210 next target point -- and possibly a test of the rising 200-day moving average (1191 now) thereafter. In the event the index manages to hurdle and sustain ABOVE 1246, then my work will point to 1256-1260 as the next optimal bullish target zone.