Market Analysis for May 24th, 2005

Heading into the release of the FOMC minutes, the hourly chart pattern shows that for most of today's session, the e-SPM has remained between 1194 and 1190.50 in what appears to be a sideways congestion area within the micro downside correction that began after yest.'s high at 1199. A break of 1190 is needed to trigger downside acceleration. MJP 05/24/05 1:45 PM ET (1192.50)

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