Market Analysis for Jul 5th, 2005

The battle lines have been drawn: key micro resistance hovers at 1208.75, while key micro support resides at 1192.50. Whichever side of the range is penetrated first should trigger follow-through of 5-8 points in the direction of the breakout. After the bears' downside failure to break the lower side of the range, the bulls are now taking their best shot at 1208.75.

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