Market Analysis for May 4th, 2005

For today's Mid-Day Minute, Mike writes: Notice that the 4 day rally has goosed the E-mini S&P above the March-May resistance line at 1167, which has followed-through to test the lower edge of heavy resistance starting at 1168 (to 1175). If the e-SPM can claw its way above 1178/79 on a sustained basis, then the bulls will be wrestling INTERMEDIATE TERM directional control away from the bears- and the overall market condition will be a heck of alot more bullish than it appears to me to be right now. As of this moment, my work continues to argue that ALL of the action off of the 4/18 low is a counter-trend move ahead of the next downleg... MJP 5/04/05 12:25 PM ET (1168.25)

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