Market Analysis for Jul 8th, 2005

After identifying the constructive profile exhibited by the Q's each time it probed its lower channel zone since 6/27, the powerful vertical upmove since yest. AM now compels us to examine the behavior of the Q's each time it has approached its upper channel zone since 6/17-- which shows that the resistance area has put a lid on prices in each instance. The Q's have pushed to an intraday high at 37.65, which is just 5 ticks or so from the top of its upper channel resistance zone. Right now, my intraday work argues only for a pause, rather than a reversal from the 37.70 area. Instead, I work not be surprised to see the Q's hurdle 37.70 on the way to my next, and more important target of 37.95-38.05. MJP 07/08/05 2:30 PM ET 37.66

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