Market Analysis for Mar 22nd, 2005

For today's Mid-Day Minute, Mike writes: After about 90 minutes of trading, the Qs tried and (so far) failed to hurdle critical resistance between 36.75 and 36.90, which is "required" to trigger additional strength. However. ahead of the FOMC, we should not expect much fireworks in either direction. Purely from a technical perspective, if there were no FOMC meeting today, my work argues for more upside backing and filling ahead the next downmove (which is not a good reason to be long ahead of FOMC announcement at 2:15 PM ET. MJP 03/22/05 11:10 AM ET 36.63

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