Market Analysis for May 17th, 2005

Two hours later, and we find that the action since 11:30 AM ET has remained within the narrow intraday range between 1161 and 1166.25 on the June E-mini S&P. An upside hurdle of the intraday double top at 1166.25 should trigger a test of more important "neckline" resistance at 1169-1170, which also represents the breakout area of the inverted Head and Shoulders pattern that has developed since last Thurs. Conversely, a break below 1160 should trigger a press towards 1155, which will jeopardize the base-like pattern. Right now, the bulls are attempting to challenge the 1166.25 area for a third time today. MJP 05/17/05 1:25 PM ET 1165

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