Market Analysis for Mar 15th, 2005
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For today's Mid-Day Minute, Mike writes: Indeed, from my way of viewing the current technical pattern, the e-SPM is in a very precarious position- especially after this AM's apparent end of a two-day counter trend rally at 1216.25. As we speak, the index is making new lows at 1206.25, and is heading for a critical test of micro support at 1203-1202, which represents the lows of the past couple of days, as well as the trendline off of the Oct. lows-- which if violated, should trigger additional, possibly acute weakness into the 1190-1188 area directly. At this juncture, only a sudden powerful rally that hurdles 1216.25 will begin to neutralize my increasingly bearish outlook. MJP 03/15/05 1:30 PM ET (1206.50)
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