Market Analysis for Jun 7th, 2005

The Q's broke above key micro resistance earlier today at 38.25 and climbed to a recovery rally high of 38.47. Since the intraday high was established, the price structure appears to be consolidating in a micro bull flag formation that should pop to one more recovery high in the 38.60/65 area prior to a resumption of the larger corrective process that began after last Friday's high at 38.83. Should such a scenario unfold, then from 38.60/65 the Qs should press into the 37.60 target zone.

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