Market Analysis for May 10th, 2005

After 2 hours of trading, the Qs are hovering near the lows of the session (35.74) and on the verge of testing yesterday's low at 35.65. My work argues that the decline from the prior peak at 36.06 into this morning's low at 35.74 exhibits bearish form, which is a warning to us that additional weakness is ahead that should press the Qs to test and break below 35.65 on the way to 35.50/.30. Only a rally that hurdles 36.05 will invalidate my current outlook.

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