Market Analysis for Mar 9th, 2005
For today's Mid-Day Minute, Mike writes: Here is the daily chart view of the June e-SP contract, which
becomes front month tomorrow... Notice that today's action
has sliced below important 6 week support at 1222.75,
and more importantly, has accelerated to the downside
from the break level-- towards the next significant support
area in the vicinity of 1213-1212. Notice also that
Monday's high at 1234.25 coincided with the
top of the Jan.-Mar...price channel-- and could very well be heading across
the channel to test the lower (support) line, now in the
vicinity of 1200-1199. A sustained break below
1212 should trigger downside acceleration
towards 1200. At this juncture, only a rally that claws
its way back above 1223 on a sustained basis will
repair the damage inflicted by today's nasty decline.
MJP 03/09/05 1:50 PM ET (1216.50)
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