Market Analysis for Mar 2nd, 2004

We have an interesting situation developing because in overnight trading into Tuesday morning, the E-mini S&P, which hit a high overnight at 1157.50, really looked like it had created a bull flag pattern that would resolve itself in a pop to the upside. Well, we got a pop to the upside in the first part of the day, but that rally hit a high of only 1156.75. Yesterday's high was 1157.50, so after it hit that high, it then reversed to the downside and plunged to 1149.

So what we're faced with is that sloppy pattern I've been talking about since last Tuesday's low at 1133