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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