Market Analysis for May 16th, 2005

After 90 minutes of trading, the e-SPM continues to march higher -- towards a possible critical retest of Friday's early-session high at 1165.60, which if hurdled will neutralize my current bearish micro outlook. From a pattern perspective, there is nothing about the climb from Friday's low at 1146.75 to this morning's high at 1162.75 that exhibits the look of a new upleg. Instead, it looks like another vicious, counter-trend rally effort ahead of another smash to the downside. For the time being, we remain short with stops above Friday's high.

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