Market Analysis for May 23rd, 2005
Meanwhile, the e-SPM hit a new recovery high this AM at 1195.25, before declining into the 1190.50 area, which my work argues is the start of a two-way "trade" that corrects the near term overbought condition that has developed since the 5/13 low at 1146.75. At this juncture, a decline below 1190 is needed to trigger initial sell signals, while a break below 1185.25 is needed to trigger downside acceleration towards 1175/70. 05/23/05 Noon ET 1193.50
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