Market Analysis for Jun 22nd, 2005
Well, the bulls tried the upside this AM, and failed to accelerate
the index after hurdling the 1224.50 resistance level on the E-mini S&P. At that time,
the bears wrestled control away, and attempted to crack the lower
side of this week's range-- in the 1216.50-1215.25 support zone.
But so far, the lower support zone has contained the damage, which
has turned the price structure back to the upside into the middle
of the range. What now? My work continues to lean towards a probe
and break of the lower support zone, however, a rally that hurdles
1225.25 will invalidate the bearish scenario in favor of a thrust to
the 1230 area. MJP 06/22/05 1:35 PM ET 1219.75/50
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